Minister: Creating Baku Stock Exchange was important step towards forming securities market in Azerbaijan

Creating Baku Stock Exchange (BSE) was an important step in the process of establishing Azerbaijani securities market, the Finance Minister Samir Sharifov said during his speech at the international conference "Collective investments: international experience and capabilities," devoted to the 10th anniversary of the BSE in Baku.

"Financial institutions play a significant role in developing and improving the efficiency of stock markets. Now the development of collective investments is of great importance for Azerbaijan, so this conference has actual character," Sharifov said.

Azerbaijan's economy demonstrated resistance to the global financial crisis and continued its steady development. For eight months of 2010, GDP grew by 3.8 percent and incomes - 9.8%, the minister said.

According to him, many countries need 3-4 years to address the negative impacts of the global financial crisis, however Azerbaijan was able to preserve high growth rate of economy, which continues to grow also in 2010.

The BSE is one of the country's structures, which is constantly introducing innovations in its operations, steadily increases its potential by playing a significant role in all processes emerging in the economy, the State Securities Committee chairman Rufat Aslanli said.

According to executive director of the State Oil Fund of Azerbaijan Republic (SOFAZ) Shahmar Movsumov, the SOFAZ is ready to provide any support to BSE.


/Trend/