Corporate governance is the most important aspect in the private sector's development, IFC Program for Corporate Governance in Europe and Central Asia Manager Oliver Orton said at an event in Baku.
"The IFC activity in Azerbaijan has been focused on diversifying the country's economy, in particular on sustainable economic growth due to the non-oil sector," he said. "Today, we are interested in creating a corporate governance structure, as well as the development of corporate governance services at the local market."
SECO Deputy Regional Director for the South Caucasus Mathias Feldman said that Switzerland in collaboration with IFC have been financing a project on corporate governance since 2005. The certain results have been achieved.
"We believe that the high level of corporate governance has a positive effect on the development of the private sector and financial markets and promotes sustainable economic growth in the country," he said.
He added that financing this project and choosing IFC as its partner mean improvement in the conditions of the Azerbaijani investment structure for Switzerland.
Head of corporate governance at the Economic Development Ministry Anar Hajizade said the assessment of corporate governance by the companies will increase credibility and trust toward the companies and help attract capital and business partners.