Latvian financial specialists to contribute to Latvia- Azerbaijan economic cooperation

Latvian financial specialists to contribute to Latvia- Azerbaijan economic cooperation

Azerbaijan, Baku, Jan. 28 / Trend S.Agayeva /

Latvia's financial specialists intend to promote Latvian- Azerbaijani economic cooperation.

The cooperation may be achieved in the banking sector because Latvian investors are interested in Azerbaijan's stable economy and efficient banks activities, participants of a conference organized by Maximus Capital, with the support of the Azerbaijani Embassy in Latvia, said.

Azerbaijani Ambassador to Latvia and Estonia Tofig Zulfugarov wished success to Maximus Capital and other representatives of Latvian businesses who are trying to establishing economic cooperation with Azerbaijan.

The conference discussed opportunities and forms of cooperation in the sphere of business, which is important for both countries. Conference participants noted that, despite the relatively large distance, the relations between the two countries have become increasingly close.

"This was achieved thanks to Latvian President Valdis Zatlers's Baku visit and his meeting with Azerbaijani President Ilham Aliyev, the steady growth of Azerbaijan's economy and more than 20 agreements signed between the two countries, including agreements on investment protection and avoidance of double taxation. It opens the doors for business," Zulfugarov said.

Over the past few months, about 120 investors from Latvia have placed their assets in Azerbaijan.

Maximus Capital's Investment Department Head Alexander Sukhobokov noted that Azerbaijan's economy is stable compared to the suffering so economies are undergoing because of the crisis.

The country's gold reserves currently amount to $20.4 billion and GDP growth is 9.3 percent. The country's banking sector almost avoided the crisis as no bank has filed for bankruptcy.

The most important comparative advantage of Azerbaijan's economy is natural resources, and especially hydrocarbons. The country's oil revenues are considered a source of long-term and stable development of the economy. Based on WB's 2010 Doing Business report, Azerbaijan took a leading position in the post-Soviet space.

Maximus Capital Board Chairman Evgeny Zolotarev mentioned that Azerbaijan is a country of enormous possibilities.

"We are working with banks in Azerbaijan for several years and I can say that the banks are working with great dedication and efficiency. In the period from 2008 to 2009 return on assets and capital have increased," he said.

"The banking sector has the full support of the government and the Central Bank of Azerbaijan, and with $20 billion in reserves; it is one of the most reliable sites for investment," he added.

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