TODAY.AZ / Business

More countries interested in investing in Azerbaijan

12 April 2012 [17:09] - TODAY.AZ
Azerbaijan is expanding its geographical scope of foreign investments. The proof is seen by the investment of millions in many countries, from Georgia, Belarus and the Ukraine to the country which is a candidate into the European Union - Serbia. Billions of dollars are being invested in neighbouring Turkey. It is known that the investments of SOCAR Azerbaijan (SOCAR) alone in the Turkish economy will reach $17 billion before the end of 2017.

In total, according to the Ministry of Economic Development of Azerbaijan, foreign investments of Azerbaijan reached $6 billion from 2003 - 2011. Priority of its foreign investment policy of the country in joint major energy and infrastructure projects in transport, agriculture and tourism.

Growing financial opportunities of the country and the associated active foreign investment expansion have an effect on the international image of Azerbaijan as a reliable partner. Azerbaijan received offers from several countries for economic cooperation more and more often, namely, investing in their economies. Both specific projects and areas of choice at its own discretion are proposed.

For example, Kyrgyzstan has requested as much as $1 billion of investment from Azerbaijan in projects, ranging from a refinery to banking, tourism and the creation of the Azerbaijan and Kyrgyz Investment Fund. The cost of building a refinery in the Kyrgyz Republic could reach nearly $200 million.

Official Minsk last year, invited Azerbaijan to participate in Belarusian privatisation and buy shares of two Belarusian refineries - Mozyr Oil Refinery and Oil Refinery Novopolotsk (Naftan).

Pakistan expects investments from Azerbaijan in its defence industry and Azerbaijani companies also received offers to invest in Pakistan's economy and create joint ventures.
The Chechen Republic of Russia has recently expressed interest in attracting major Azeri investors to develop the real economy sector in Chechnya.

"In Chechnya, there are number of oil fields where it is necessary to carry out exploration work. Chechnya could cooperate with Azerbaijan in this direction" deputy Prime Minister of Chechnya, Finance Minister Eli Isayev said.

Even faraway South America is waiting for Azeri investment. In October last year, Minister of Foreign Affairs, Trade and Integration of Ecuador Ricardo Patiño Arokan Armando said that Azerbaijan and Ecuador has great potential for trade, investment, joint energy projects, projects for the construction of ports, etc.

And it is not a complete list of countries that want to see Azerbaijani investment in their countries. If, until recently, the foreign investment of the Azeri government focused mainly on the development of the oil sector, to be exact - the projects of the State Oil Company of Azerbaijan Republic, then today companies of the non-oil sector are also increasingly receiving orders outside of the country.

At present, Azerbaijani businessmen are actively involved in major projects implemented in Russia in preparation for the Winter Olympic Games to be held in two years in Sochi. Concrete work and evaluation of these two countries in the high-tech and knowledge intensive areas is underway.

"Azerbaijani investors are interested in growing and processing of grain, fruits and vegetables and moving into the field of tourism and wood processing," sales representative of Russia in Azerbaijan Yuri Shchedrin says.

For example, a tea packing factory was built and commissioned, the construction of fruit and vegetable cannery is nearing completion through Az?rsun Holding in the Belorechensk district of the Krasnodar region. The M?tan?t-A company will begin to build a plant for the production of dry contaminants in the Otradnoe district of Krasnodar region in the near future.

An active presence in aforeign markets policy implemented by the Azerbaijani government in future by investing, not only affects the results for a higher dividend, but also strengthens Azerbaijan's political influence in the world.

Leyla Abdullayeva /Trend/


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