Azerbaijan's delegation attends International Forum in Sydney

The event brought together senior officials from 22 SWF and representatives from 6 recipient countries, the Asian Development Bank, European Commission, the International Monetary Fund, the OECD, and the World Bank.

Azerbaijan's delegation at the event was led by Shahmar Movsumov, the Executive Director of the State Oil Fund (SOFAZ).

The Forum members exchanged views on the Santiago Principles, the emerging investment outlook given the current market conditions and the ongoing regulatory policy reform agenda. Of particular importance was the opportunity to continue dialogue with recipient countries with a view to maintaining free flow of long-term investment capital.

The Forum members acknowledged the continuing importance and value of the Principles in strengthening their operations as reliable and responsible sovereign investors. They noted continuing progress in the application of the Principles since their adoption in October 2008.

Some members have issued their first annual reports/reviews and increased available information on their websites. Forum members reiterated their commitment to continue discussing the progress with the application of the Principles. They also stressed the importance of increasing efforts towards improving the public understanding of the Principles.

The Forum will next meet in Beijing, China in April 2011. The meeting will be hosted by the China Investment Corporation. The International Forum of Sovereign Wealth Funds (IFSWF) was established by the International Working Group of Sovereign Wealth Funds (IWG), in Kuwait City in April 2009 and it held its inaugural meeting in Azerbaijan`s capital in October 2009.

IFSWF is a voluntary group of Sovereign Wealth Funds, which meets, exchanges views on issues of common interest, and facilitates an understanding of the Santiago Principles and SWF activities. The staff of the International Monetary Fund (IMF) facilitates the work of the Forum.


/AzerTAc/