Baku 2015 to contribute greatly to Azerbaijan's economy

/By AzerNews/

By Mushvig Mehdiyev

Azerbaijan, the largest country in the South Caucasus region, will, for the first time in its history host a pan-European sports event - Baku 2015 European Games. The huge competition has fallen under broad focus worldwide as over 6,000 sportsmen from fifty European countries will gather in Baku this June to vie for medals.

The authorities in Azerbaijan as well as international experts believe that the Games will benefit Azerbaijan's economy greatly. More than 100 million people in Europe and around the world will enjoy the Games live on their TV screen. Baku 2015 will be broadcasted live to 55 European countries as well as the U.S., China and India.

The European Games have been viewed as a huge opportunity to expand Azerbaijan's image and profile worldwide. The Games are likely to prove a tourist catalyst as well as more foreigners will be visiting Azerbaijan.

Swiss expert Anjred Baster believes that because of the European Games in Baku, residents of Europe, America, Asia and other countries in general will get more information about Azerbaijan and its tourism potential, which in turn will translate on the ground in more tourism.

Yugoslavian Princess Elizabeth Karadjordjevic commented on the matter, "the First European Games in Baku will attract a large number of spectators and unveil the "incredibly beautiful" Azerbaijan’s tourist potential."

From this viewpoint alone the Games will change Azerbaijan's standing in not just the region but the world by firmly setting the country as a tourist hub.

According to international data, the average weekly expenditure of one tourist in Azerbaijan stands at $1,000. Taking into consideration the two-week duration of the European Games, each tourist will spend an average $2,000 in the country's economy, experts believe. Furthermore, the service, transport and banking sectors will also contribute to the economic revenues due to tourists' active involvement throughout the period of competition.

As a host country, Azerbaijan holds all rights of public broadcasting of the European Games. According to the agreement signed in between the International Olympic Committee and Azerbaijan, all revenues from ticket sales and media broadcasting will go to Baku's budget.

Experts believe that the incomes from the European Games will cover a long period of economic development.

Economic expert, Vugar Bayramov claimed that simultaneously with providing huge incomes at the time of competition, the European Games will pave the way for additional economic revenues to Azerbaijan's budget even after it finishes.

The European Games, the greatest sports event in Azerbaijan's history, open the way for more foreign investments in Azerbaijan's economy. Numerous sports facilities and venues were built in Baku to host the Games at the highest level pursuant to international norms and standards.

Those facilities are of great importance for Azerbaijan as it means the country will be able to host further significant international competitions, which, according to experts, can act as a perfect tool to promote the country's economic potential and improve its competitiveness. Competitive economy is a key factor to attract foreign direct investments, according to economic experts.

Baku 2015 is the first-ever European Games, an exciting and innovative multi-sport event for the continent which will take place on June 12-28, 2015.

There will be a total of 20 sports at Baku 2015: 16 Olympic sports and four non-Olympic sports. More than 6,000 athletes from across Europe will be representing their nations over 17 days of competition.

Baku was awarded the games by the European Olympic Committees (EOC) in December 2012.