TODAY.AZ / Business

Ogtay Hagverdiyev: "Every foreign company not fulfilling its duties to eliminate contract with government"

18 May 2006 [10:15] - TODAY.AZ
European Bank for Reconstruction and Development is in negotiations with Open Joint Stock Company (OJSC) Azerbaijan Investment Company to take part in its projects.

Ogtay Hagverdiyev, Chief of Financial Credit Policy Department in The Cabinet of Ministers, told APA that the government is willing to cooperate with every financial institution which strive to take part in Investment Company projects.

The Department Chief has also stated that foreign financial institutions' means share 11% in GDP now.

"Azerbaijan ranks at high places in CIS for little foreign debts. Foreign debts get threatening when they approximate to 40% in GDP. Our enemy Armenia has about 52% foreign debts in GDP," he said.

Mr. Hagverdiyev has also told that the government currently considers problem with companies not fulfilling their investment duties.

"Some companies do not follow their contract duties. For instance, Fondel Metal Company went against the obligation to invest $1 billion in Azeraluminum. There is the same situation with Barmek too," Hagverdiyev added.

On his words, investigation over Barmek's activity show that the company has not only followed its investment duties, but has also failed in accumulation and there are some unsolved problems such as technical losses. The chief warned foreign companies in Azerbaijan on this case.

"Every foreign company not fulfilling its investment duties will be eliminated contracts with government."


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