Heydar Babayev: "By creating the Caspian International Investment Company we intend to attain multiplication effect"

The main purpose in creating the Caspian international investment company is stimulation of development of the non-oil sector of Azerbaijan by attracting foreign investments, said Azerbaijan's Minister of Economic Development Heydar Babayev during the first conference of investors today.

He noted that Azerbaijan's GDP growth has reached 96% through the past four years, the state budget rose by 10 times, favorable business climate has been created. "We undertook several steps for its improvement, which, I hope, will be reflected in the annual report Doing Business, released by the World Bank, in October", said the Minister.

He noted that initially the founding capital of the Caspian International Investment Company (CIIC) will make $10 mln, but in the next two years it will reach $70 mln, with 25% to be invested by one of the founders -Azerbaijan investment company, under agreement. "We intend to attain multiplication effect by creating such a company", said Babayev.

Another founder of the company is the Islamic corporation of private sector development (a structure of the Islamic Development Bank), led by Khalid Al Abudi, who said that the corporation highly evaluates the economic potential of Azerbaijan and is interested in participation in large projects in this country. "We will encourage attraction of new shareholders from Arabian states", said he.

According to AIC chief executive Anar Akhundov, CIIC is the first experience of partnership of AIC with an influential international organization. "We intend to take a number of steps, including attraction of an auditor at the initial stage of the company's activity, to gain trust of future investors", noted he.

Notably, the founding documents on the CIIC creation were signed in Baku in November of 2007.

/Day.Az/