EBRD main building hosts Azerbaijani days

By AzerNews

London-based headquarters of the European Bank for Reconstruction and Development (EBRD) opened Azerbaijani Days on November 19.

The event was organized at the initiative of Azerbaijan's Economy and Industry Ministry and the EBRD with the support of Azerbaijan's Embassy in the UK and Europe-Azerbaijan Society, Azerbaijan's Economy and Industry Ministry reported.

Representatives of Azerbaijan's Economy and Industry Ministry, EBRD, diplomatic corps operating in London, government agencies and UK business structures, and business people of Azerbaijan attended the event.

Speaking at the event, Azerbaijan's Economy and Industry Minister Shahin Mustafayev said that Azerbaijan has become an important transit center in the region, a development that increases the attractiveness of the country further.

"Over the past 10 years, the country has commissioned six international airports, reconstructed highways within TRACECA and North-South corridors, and launched shipyards," the minister said.

"The projects implemented for using the transit potential of the country are continued to the present. Particularly the construction of the Baku-Tbilisi-Kars and an international trade seaport will turn Azerbaijan into a major chain of the Eurasian transport corridor."

According to Mustafayev, Azerbaijan is also a reliable partner in the international arena.

"Azerbaijan-initiated transnational projects play an important role in ensuring the energy security of Europe; Caspian energy resources are transported to the region's countries and Europe via the Baku-Tbilisi-Ceyhan oil pipeline and the Baku-Tbilisi-Erzurum gas pipeline. Trans-Anatolian and Trans Adriatic gas pipelines will allow Azerbaijan to expand energy cooperation and become one of the major suppliers of natural gas," Mustafayev said.

Informing participants about Azerbaijan's achievements in ensuring macroeconomic stability, the minister said that the country's GDP grew by 3.4 times for 10 years, gross income per capita has increased three times, budget revenues have increased up to 19 times, and foreign trade turnover has increased about nine times.

He also said during this period the level of poverty in the country went down eight times.

"Currently, the share of Azerbaijan's economy amounts to more than 70 percent of the entire economy of the South Caucasus. As a result of creating equal conditions for local and foreign investors, $156 billion was invested in the country's economy, about half of which falls on foreign investment," the minister said.

Mustafayev said Azerbaijan continues the policy of economic diversification, and the non-oil sector of economy already prevails over the oil sector.

"The government's purpose is to minimize dependence on oil by 2020 and double the country's GDP due to the non-oil sector, and this will help strengthen Azerbaijan's position in the world and improve the welfare of the population," he said.

EBRD President Suma Chakrabarti, in turn, praised Azerbaijan's achievements, especially in the last 10 years, emphasizing the importance of holding such an event in the Bank's headquarters for expanding cooperation.

Shahin Mustafayev also discussed the prospects for expanding relations with Managing Director for Turkey, Eastern Europe, Caucasus and Central Asia Olivier Descamps.

Moreover, an exhibition of Azerbaijani goods was held within the framework of the event in which the guests tasted food samples and enjoyed Azerbaijan's traditional music.

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. Priority areas also include increasing investments in the country's non-oil sector, funding the development of the financial sector, and supporting small business entrepreneurs. The Bank also seeks to engage other international financial institutions and the business community in policy dialogue with governmental authorities in order to implement reforms and improve the investment climate.

To date, the EBRD has signed 134 investments worth more than €1.5 billion in various sectors of the Azerbaijani economy. The developing agriculture sector offers opportunities to reduce the country's dependence on oil and gas revenues by strengthening economic diversification - one of the EBRD's priorities in Azerbaijan.