Azerbaijan, Baku, October 22 / Trend U. Sadikhova /
Azerbaijani foreign minister called the session of BSEC experts as productive. Azerbaijan reached significant success in April 2004 after the meeting, Azerbaijani foreign minister Elmar Mammadyarov said at the opening of the meeting of BSEC council of foreign ministers.
"The budget increased four times. Share of private sector increased up to 80 percent," minister said on October 22.
He said that Azerbaijan could reach economic growth up to 8 percent during the world financial-economic crisis.
As to development of energy sphere, Mammadyarov said that Azerbaijan studies new ways of supplies and diversification of energy resources.
"At present, we expect that investments in development of gas field 'Shah Deniz' will hit $20 billion," minister said.
He said that using the international practice, this figure multiplies by three. Thus, forecast of summary investments in the project can reach $60 billion.
Azerbaijan, Bulgaria and Turkey will be represented by foreign ministers Elmar Mammadyarov, Rumiana Jeleva and Ahmet Davutoglu. During the meeting the Russian delegation will be headed by the first deputy foreign minister Andrey Denisov. Armenia, Greece, Georgia, Romania, Serbia and Ukraine will be represented by deputy foreign ministers of these countries, Albania - by secretary general of the foreign ministry, Moldova - by state minister.
The Black Sea Economic Cooperation Organization is the inter-governmental organization uniting 12 countries of South Balkan. BSEC was set up on May 1, 1999. The organization was established on the basis of the Agreement on Black Sea Economic Cooperation dated June 25, 1992. Headquarter of the organization is situated in Istanbul. BSEC members include Albania, Azerbaijan, Bulgaria, Armenia, Greece, Georgia, Moldova, Romania, Russia, Turkey and Ukraine.
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