TODAY.AZ / Business

Azerbaijan not agree with WTO's proposal on lifting restrictions on foreign capital

13 January 2006 [14:42] - TODAY.AZ
Azerbaijani government did not agree with proposal of the World Trade Organization to lift restrictions on foreign capital in the insurance market of the country.

As ANS informs, Finance Ministry considers it will impossible till 2010 at least. Beybala Khankishiyev, head of State Insurance Control Department of the Ministry says lift of restrictions may lead to dominance of big foreign insurance companies over local companies.

The government believes liberalization of insurance market of Azerbaijan may be possible only after local companies hold some position in the market. Insurance market shares only 0,8 percent in GDP production of Azerbaijan. Mr. Khankishiyev said hypothec credits would contribute improvement of insurance market as all operations within the mortgage credits should be compulsorily insured.


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