Azerbaijan is leading economic center in region: minister

"Azerbaijan is a leading economic center in the region. Over the last eight months, the GDP grew five percent, the industrial sector - 6.8 percent, per capita income - 12.6 percent and inflation was 2.6 percent," Minister of Economic Development of Azerbaijan Shahin Mustafayev said at his speech during the forum.

"The reciprocal visits and agreements signed between Azerbaijan and the Czech Republic will serve a base for further development of relations between countries," said the minister.

Work is underway to conclude agreements on investment protection, mutual economic and scientific-technical cooperation, he added.

Azerbaijan-Czech business forum is organized within the visit of the Chairman of the Czech Senate Premysl Sobotka to Baku.

"The forum is a good opportunity to discuss future projects. The trade relations between the two countries should further deepen and expand," said Sobotka.

First Azerbaijani-Czech business forum was held in July last year during the then Foreign Minister of the Czech Republic Karel Schwarzenberg's visit to Azerbaijan.

According to Azerbaijani statistics, during January-July 2009 trade turnover between the countries amounted to $11.59 million. Azerbajan mainly imports equipment for road construction, metal, chemical products from the Czech Republic. Azerbaijan's non-oil exports are primarily agricultural products, particularly walnuts.

According to the Foreign Minister of the Czech Republic Karel Schwarzenberg, who headed the Czech business delegation last year, the Azerbaijani energy resources cover 1/10 of the needs of the Czech Republic. He said, in addition to business contacts, the forum will allow establishing higher forms of cooperation - realization of investment projects, joint ventures and cooperation of scientific-research teams.

He believes that after the Czech Republic joined the EU in 2004, its gained more opportunity to export equipment for production of building materials, railway and urban transport, engineering and manufacturing industries.

/Trend Capital/