TODAY.AZ / Business

Black Sea Business Forum acts in Baku

12 June 2006 [13:56] - TODAY.AZ
Black Sea Business Forum has today started following XIII Session of Black Sea Trade and Development Bank (BSTDB) Directorate June 10-11.

Vahid Akhundov, State Councilor on Economic Issues of Azerbaijan, has read the celebration letter of the President Ilham Aliyev in the opening of the event. Heydar Babayev, Economic Development Minister of Azerbaijan, has informed participators about development tendencies in the economy of Azerbaijan, saying that 27% growth was observed in the economy of last year.

He has also said that Azerbaijan expects bulk of revenues in coming 5 years. The position of Azerbaijan in trade sector has proved itself in the region. Mr. Babayev stated that the session and the business forum of the BSTDB will establish common cooperation relations among countries.

BSTDB President Hayrettin Kaplan added that the noticeable improvement was observed in the Bank’s activities that was a sign of development in the world.

"Apart from its complicacy, our region has the potential for development. Latest calculations refer to it that the growth rates in economies of our member countries lacks behind only Chinese economy. In general, we have reached 1,7% growth since 2000 up to date. Investment flow, which composed 2,9% of GDP last year, in the region is going on."

Samir Sharifov, Finance Minister of Azerbaijan, told about suitable economic climate in Azerbaijan, assuming that if a barrel of Azerbaijani-produced oil sells $40 in next 15 years, the country would have $100 billion incomes.

"First results are already seen. That is why banking services must be extended and improved."

Mikayil Jabbarov, I Deputy Economic Development Minister of Azerbaijan, has said one of the main targets of Azerbaijan is to open free trade areas here. He thinks that other financial resources might be used in the development of new mortgage market in Azerbaijan. Mr. Jabbarov noted the great role of BSTDB in the promotion of micro projects, particularly in power engineering, oil and gas sectors, agriculture, transport and other fields.

The working group had discussions on the role of financial sector in the economic development, investments opportunities in food industry and agrarian business, infrastructural development issues, led in the Session of Directorate and the business forum with about 250 local and foreign businessmen. The Directorate decided to sign credit line agreements with 4 local banks – Kapital Bank, Texnikabank, Azerdemiryolbank and Bank Respublika, APA reports.

URL: http://www.today.az/news/business/27177.html

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