Russia`s Economic Development and Trade Minister German Gref has called productive to the today`s meetings with the Azerbaijani President and Prime-Minister. They are keen to radical changes in the direction of the country`s economic development in the nearest future as well as creation of favourable conditions in the country Mr. Gref told during the meeting with the members of the Azerbaijani-Russian Business Cooperation Chamber. He called upon to cooperate even more actively, participate at international forums held regularly (Saint Petersburg June, 2006, Sochi end of September, 2006).
According to him, the economy can have a stable business in these conditions, and Russia in all ways is interested in expanding the raw production market. Today, gas and electric power make up 68 percent of the Russian export. We are transferring to all-sufficient countries soon. We are short of your active work, pointed out the Russian Minister. According to the agreement, a centre representing a live world of Azerbaijan to Russia is expected to be constructed in Moscow. Offices of Azerbaijani companies and an exposition centre are expected to be within the centre.
Having familiarized with investment programs of the Russian Government, Mr. Gref called upon the private sector to participate at the projects financed by the investment and venture funds. The Russian Government is expected to invest 3 b. Roubles to infrastructure projects. According to the financing conditions, not less that 25 percent of the deposit of the private capital to the project, the bother 75 percent are the share holding of the Government at the expense of the fund. According to the Russian Minister, such projects like constructions of tunnels, road-building projects have already been selected.
Five billion Roubles have already sent to the venture fund from the Russian Budget. Ten billions Roubles have been put for the next year. Totally, about $600 m. have been allocated for these aims. The Government is ready to co-finance its 49-percent sharing in the project where 51 percent of the private capital is to be assured. On completing the project, 49 percent plus 3 percent of year interest return to the Government, thereby the venture fund is capitalized. In this case, the Government appears as a passive investor, pointed out Mr. Gref. According to him, these instruments are set to stimulate business.
Live World of Azerbaijan to Russia to Be Constructed in Moscow
