Holding Formula One Grand Prix in Azerbaijan to contribute to long-term investments’ increase
Baku, Azerbaijan, March 31
By Maksim Tsurkov - Trend:
Organizing the Formula One Grand Prix in Azerbaijan after the first European Games in 2015 is the result of political and economic stability, the international reputation of Azerbaijan, and the country's experience in holding major events and competitions, Shahin Mustafayev, Azerbaijani economy minister, said in an interview with The Business Year magazine.
Formula One Grand Prix of Europe will be held in Baku June 17-19, 2016.
Azerbaijan is considered a sporting nation throughout the world, Mustafayev said, adding that holding the Formula One Grand Prix will have a significant impact on sport development, it will contribute to the economy, and the increase in the number of visitors will stimulate the tourism and service sectors.
"In addition, the positive image of the country will be highlighted and long-term investments will increase," he said. "The athletes and guests taking part in the competition will have an opportunity to get acquainted with the country and observe the successful development model of Azerbaijan."
The minister went on to add that the number of tourists visiting our country and the revenues gained from this sector have considerably increased.
"Attracting local and foreign investment in the tourism sector, further improving the quality of services, and hosting international sporting and cultural events provide additional stimulus for the development of tourism," he said.