Comfortable environment created in Azerbaijan allows to carry out projects successfully and on time

By AzerNews

Foreign investors appreciated the business climate in Azerbaijan, saying they are satisfied with their activities in the country.

The news was announced during the Azerbaijani Days opened in the London-based headquarters of the European Bank for Reconstruction and Development (EBRD) on November 19.

During the event, Director General of the ASC Holcim Azerbaijan Rossen Papazov said that Holcim has worked in Azerbaijan since 1999.

"The development of our business over the past few years is ensured by the favorable business climate created here," Papazov said. "I think that the foundation of our success in Azerbaijan is created by an investment climate, governmental support for the private sector, the rapid economic development of the country, and Azerbaijan's great potential."

According to Papazov, the presence of qualified personnel in Azerbaijan is also one of the important factors.

"We believed in the development of the country and started a major project - a new cement plant which cost almost 300 million Euros is built. I want to note that this project was initiated during the global economic crisis. Time has shown that we were right, and this project was one of the most successful ones in the history of the Holcim Group," Papazov said.

Representative of the Keppel Company and General Manager of the Baku Shipyard LLC David Loh said that Keppel, which is carrying projects in Azerbaijan, is convinced that its decision to invest in this country was not a mistake.

"Currently, we are in collaboration with our local partners and have completed the construction of a shipyard estimated at $470 million, starting its operation," he said. "This shipyard will expand the fleet of vessels in Azerbaijan and contribute to the development of the shipbuilding industry in the country. We intend to expand operations in Azerbaijan using the favorable business and investment environment created here."

According to Stefano Costa, a member of the Board of Directors of the CNIM Azerbaijan LLC, it is remarkable that the Azerbaijani government also pays special attention to environmental issues along with economic development.

"We have successfully implemented a project on constructing a plant for solid waste management, based on the most advanced technologies in the field of ecology," Costa said.

"The comfortable environment created here allowed us to carry out the project successfully and on time. Given the competent human resources in the country, we have attracted more local professionals to manage the plant. In subsequent years, the management of the company will be fully implemented by Azerbaijani specialists. All this indicates a favorable business environment and the Azerbaijani government's high attention paid to this area."

The Azerbaijani Days was organized by the EBRD and Azerbaijan's Economy and Industry Ministry and supported by Azerbaijan's Embassy in the UK and the Europe-Azerbaijan Society.

Guests of the event were informed about Azerbaijan's economic success, culture, and history. Participants were also informed about the business and investment climate created in Azerbaijan.

Azerbaijan has been a member of the EBRD since 1992. The EBRD's activities in Azerbaijan are focused on six main areas: industry, commerce, agriculture, finance, energy, and infrastructure. To date, the EBRD has signed 134 loan agreements worth more than €1.5 billion in various sectors of the Azerbaijani economy.