- Dear friends:

Today, it is a very memorable day for us. Today, we laid down the foundation of a new large cement plant, and I would like to congratulate you all wholeheartedly on this occasion.

This memorable event demonstrates also that Azerbaijan is developing very successfully. The national economy is being strengthened in all fields. This happens particularly in this period of time when the entire world is engulfed by the economic and financial crisis. At the same time, this crisis has started to impact negatively the industrial production. In such conditions, the first stone laying ceremony to build a new and large cement plant by investing from abroad more than 300 million euros is a very important event in Azerbaijan. First of all, this shows the increasing interest of foreign investors to Azerbaijan particularly in this situation of crisis. At the same time, it demonstrates that the Azerbaijani State undertakes additional measures to attract foreign investments. There is a very favorable investment climate in Azerbaijan and the fruitful co-operation between the foreign businesses and the public agencies. Now, it is being broadened further.

In addition, this indicates that there are very good opportunities for the development of non-oil sector of Azerbaijan and we witness it in this cement plant that will be completed in the future.

Azerbaijan is a reliable partner. The main player of this project is the well-known Swiss Holcim Group which runs its activities in Azerbaijan for almost last 10 years. The work done after this decade for the implementation of a new project demonstrates that Azerbaijan is the best place for making foreign investments. This is a joint project. I have to note that the main and significant role is played by Holcim Group. At the same time, the European Bank for Reconstruction and Development acts in this case both as the investor of the project and its financial source. The Azerbaijan Investment Company holds its share in the project, and this is also a very good indicator. Newly created the Azerbaijan Investment Company has indeed such a goal in the implementation of such projects and deals with attraction of investments to the important economic fields of Azerbaijan. I am confident that the participation of the Azerbaijan Investment Company in this project will be a very useful experience for its future activities.

In a single word, all this splendid panorama - either the interests of foreign companies, or the large loans allocated by the international financial institutions to Azerbaijan or the participation of local companies in these activities as for example, the numerous local businesses attracted to the construction as the contractors show once again that during last years, the economic reforms, industrialization policy and all measures related to the development in Azerbaijan yield its results.

Many local citizens will have a job in this plant based on these good and sophisticated technologies. Azerbaijani citizens will be involved both in the construction activities and the subsequent functioning of the plant. At the same time, this will result by the creation of new jobs. As you know, during last five years, we have created 766 thousand jobs in Azerbaijan. 547 jobs among them are permanent ones. This plant will play an important role in the development of non-oil sector of Azerbaijan. I am very proud to state that in spite of the crisis, the non-oil sector of Azerbaijan has increased by 14% in the first quarter of the current year.

While the economy is declining all over the world, the industrial production is decreasing also. The countries are in difficult situation. They need foreign financial assistance. But, we see a completely different situation in Azerbaijan. Azerbaijan is a self-sufficient country both from the financial point of view and the level of its own local resources. The growth in the first quarter of the economic development demonstrates once again that our country has made a right choice while defining its long-term development strategy. The current economic reforms have brought good profits to Azerbaijan.

It is not by accident that in accordance with the outcomes of 2008, the World Bank has declared Azerbaijan as a top reformer country. This shows clearly all the work done in Azerbaijan. The very good examples are the completed works and the plants being constructed as well as new jobs being created. I would like to say once again that all our efforts are directed to these goals. If some circles have linked previously all our achievements to the energy and oil factors, now everyone knows that the main reason of the success is the well-planned policy, economic reforms, political changes and our fruitful co-operation with foreign companies. During long years we have had the beneficial co-operation with foreign businesses, and this is being done reciprocally and responds to the interests of all parties.

I wish to underline once again that the construction of this kiln has a deep importance. I am pleased to see the construction of any enterprise. But while seeing the construction of this world class plant which is significant by its financial and production capacity, one can suggest that its creation has the particular meaning especially in the conditions of crisis. I am sure that you share my views.

Azerbaijan will continue its successful development. We have proved already that we can live relying on our own resources and develop successfully. During last five years from 2004 to 2008, the economic development of Azerbaijan has had no analogical example in comparison with any country. During last five years, the economy grew by 2.6 times. The budget expenditures have increased more than 10 times. The poverty level has dropped significantly. The main part of problems related to the unemployment has been solved. Huge infrastructure projects are being implemented in Azerbaijan. All of these factors serve to the overall development of our country.

The construction of this kiln line shows also that the foreign investors pay a big confidence to the future and the economic development of Azerbaijan. Currently, the needs of the domestic market in Azerbaijan are satisfied by the local manufacturers. We have to ensure the same for the cement needs in Azerbaijan. Now, we depend on import. But the construction of the line and other plants will decrease this dependence. I am convinced that the time will come and the needs in cement production will be fully met in Azerbaijan.

Currently, the annual demand in the cement consumption is 3.7 million tons. In the future, this will increase further and we have to be ready to such an increase. At the same time, today is the memorable day because large scale construction and infrastructure projects implemented in Azerbaijan has given a strong push to all national economy. Highways, bridges, buildings and enterprises realized at the expense of public financial resources give an important impetus to the development of the construction sector. The demand is growing. As it is growing, particularly in relation to the construction materials, such splendid plants are being constructed in this result. If we would not have these infrastructure projects or such speedy economic development of Azerbaijan, this plant could not be expanded or could be strengthened only after 10 years. Today, there is a need for that. The foreign companies are always right in their calculations and plans. They execute their financial programs after its careful analysis. Such transnational companies as Holcim have plants and activities in various plants. Choosing Azerbaijan as a priority country for this Group demonstrates that the confidence paid to Azerbaijan is significant. We know and feel it. I am very pleased that we participate in the stone laying ceremony on this beautiful day. I am confident that this will speed up further the integration of Azerbaijan into worldwide community and economy. It will open up new possibilities for the co-operation with foreign companies.

Dear friends, I would like to congratulate you all once again on this joyous occasion. I wish many successes to all companies involved to this project. As far as I know that this kiln line will be commissioned in two years. I am sure that this will be done with high quality and on time and we will celebrate its opening together.

I congratulate you once again and wish you new successes.

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