Today.Az » Business » Baku named fDi City of the Future in Western CIS
17 February 2006 [12:31] - Today.Az
Azerbaijan's capital Baku has been announced a City of the Future in Western CIS based upon its competitiveness in attracting foreign direct investments.
According to AssA-Irada, fDi magazine, published by the Financial Times Group this week announced First Round results of FDI City of The Future 2006-2007 Award. According to the first round results, Baku is ahead of all Western CIS candidates. In 2004, Moscow and Russia's Krasnodar Krai won this award for City and Region and the runner-up this year was a strong candidate from Ukraine, the Azerbaijan Export & Investment Promotion Foundation (AZPROMO) quoted the FDI magazine as saying.
Baku's entry went forward for the Round Two: Eastern Europe and then for the overall winner for Europe. Besides, Baku will be considered as a candidate for the overall seven category wins in European Cities of the Future 2006/2007.
Entries from Belarus, Ukraine, Moldova, Georgia, Azerbaijan and Armenia had been considered as candidates for the 2006/07 Western CIS nomination. Azerbaijan's bid including comprehensive information about city's infrastructure and growth trends was provided by AZPROMO.
A panel of judges drawn from fDi magazine’s editorial team, international location consultants, corporate executives and other experts had examined the evidence to determine which locations will become European Cities and Regions of the Future 2006/7.
According to the AZPROMO president Emil Majidov, Eastern Europe is one of the most important regions in the world for fDi global investors to know the result of and "AZPROMO looks forward to getting fDi City of the Future 2006/07: Eastern Europe award. In second round Baku will compete with Vulnius, Latvia and Brno, Czech Republic, which left Budapest (Hungary) behind in the first round," Majidov said.
fDi will also name Europe's overall City of the Future and Region of the Future 2006/07 as well as awards for the best locations in the categories of best economic potential, most cost effective, best human resources, best transport system, best IT and telecommunications infrastructure, best quality of life, and best fDi promotion strategy.