BAKU, Azerbaijan, Feb. 27
By Yusif Aghayev – Trend:
The Azerbaijani Agricultural Insurance Fund and the Turkish Agricultural Insurance Union (TARSIM) have signed a Declaration of Intent in the field of agricultural insurance, Trend reports on Feb. 27 referring to the Azerbaijani Ministry of Agriculture.
The signing ceremony was held during the visit of Turkish Deputy Minister of Agriculture and Forestry Fatih Metin to Azerbaijan. During the visit, Azerbaijani Minister of Agriculture Inam Karimov met with a delegation led by Metin. Karimov spoke about the ongoing reforms in the Azerbaijani agricultural sector.
Karimov said that the law on agricultural insurance was adopted by the Azerbaijani parliament in 2019. The Cabinet of Ministers approved the Charter of the Agricultural Insurance Fund and the composition of the Agricultural Insurance Fund. The agricultural insurance mechanism in Azerbaijan is based on the experience of the Turkish TARSIM model.
This model, based on public-private partnership, is successful. Joint insurance of agricultural risks by the Agricultural Insurance Fund and private insurance companies will allow reducing investment risks, strengthening the state support for farmers, having a positive impact on employment, promoting food security and strengthening the insurance market.
In turn, Metin stressed that there is great potential for expanding cooperation between the two countries.
“We appreciate the reforms undertaken by Azerbaijan in the field of agricultural development,” Metin added. “Turkey will continue to render expert and technical support for the application and development of agricultural insurance in Azerbaijan. I think that the agricultural insurance model which is used in Azerbaijan will become an example for the regional countries."
The parties exchanged the views on the further development of cooperation between the two countries in the field of agriculture and the further sphere of cooperation in agricultural insurance.
Following the meeting, the Azerbaijani Agricultural Insurance Fund and TARSIM signed a Declaration of Intent in the field of agricultural insurance. The document was signed by Chairman of the Board of the Agricultural Insurance Fund Fuad Sadikhov and Director General of TARSIM Serpil Gunal.
The declaration of intent envisages mutual cooperation in the field of agricultural insurance between the two countries.