Baku will be awarded with "Investment City of the Future 2006/2007: Western CIS" certificate

Azerbaijan will be represented by the President of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) Emil Majidov, APA reports.

Baku was announced "the City of the Future in Western CIS" for competitive capacity in attraction of direct foreign investments.

According to the results of the FDI magazine published by the Financial Times group, Baku left behind all Western CIS cities in this competition. This award was presented to Moscow city and Krasnodar province a year ago.

Cities of Belarus, Moldova, Georgia, Azerbaijan and Armenia competed on the nomination. In the February/March edition of the magazine including the results of the first lap, achievements of Baku and its peculiarities attracting direct foreign investments were indicated. Besides, Baku was permitted to compete for the first place among cities of Eastern Europe in the second lap and winner cities of Europe in the third lap on seven categories.

AIn the second lap Baku will compete with Brno city of Czechia and Vilnius city of Latvia (the winner among the Baltic countries).

Pursuant to the results of the second lap, winners on Northern Europe, Eastern Europe, Western Europe, Central Europe and Southern Europe will be announced.

Best cities of Europe will be shared into categories: largest economic potential, most advantageous prices, richest human resources, best transport system, best information technologies and telecommunication structure, quality of life, best investment promotion strategy.

The results of the second and third laps will be announced in Cannes for the first time and then will be published in the April-May edition of the FDI magazine.