Azerbaijani minister: Georgia is one of major ways to diversify exports for Azerbaijan

Realization of the Baku-Tbilisi-Kars railway project construction will erect a bridge between West and East, Azerbaijani Economic Development Minister Shahin Mustafayev said at the Georgian-Azerbaijani business forum in Tbilisi.

This is a very important project that provides high economic benefits and ensures the economic stability of both Azerbaijan and Georgia," Mustafayev said. "We hope for a speedy implementation of the project, which will give our economy's revenue."

He stressed that Azerbaijan is interested in diversifying exports, and this applies both to oil and gas exports and expansion of transport networks.

"In this regard, the importance of the Baku-Tbilisi-Kars railway can not be overstated," he said.

Mustafayev said Georgia is one of serious ways to diversify its exports for Azerbaijan.

"Even today, the annual trade turnover between the two countries exceeds $450 million, but we have untapped potential, and we hope to increase this figure," Mustafayev said.

Construction on the Georgian territory is financed by the State Oil Fund of Azerbaijan. It is financed by a loan allocated to Georgia to the amount of $ 200 million.

This railway line and construction of the railway under the Bosporus promote greater cooperation on this type of transport between Baku and Sophia. Therefore, the projects are of international importance.

The project is expected to be completed in 2011.


/Trend/