A presentation of the Azerbaijan State Investment Company was held on November 14, 2006 with the organizational support of the Azerbaijan Fund for Promotion of Export and Investments and Technical Assistance (AZPROMO) of TACIS program. Attending the gathering were members of the Observation Board of the Company, representatives of the foreign diplomatic mission in Azerbaijan, foreign and local businessmen.
During the event the AIC and AZPROMO signed a memorandum on cooperation. The document envisages cooperation between the two organizations in many directions, including the attraction of investments in the non-oil sector of the country.
According to Heydar Babayev, the chairman of the Observation Board of the AIC, also the Minister for Economic Development, such establishment of an investment company and fulfillment of the tasks will shape favorable conditions for foreign and local investors for efficient participation in the country's investment sector. In result, it will be possible to attract foreign and local investors to financing the investment projects in the country along with the funds of AIC.
Shahmar Movsumov, the Deputy Chairman of the Observation Board, the Executive Director of the SOFAR, noted that the commencement of AIC's activities can be estimated as the beginning of a qualitatively new stage in the development of the non-oil sector. The Company will apply new investment mechanisms and participate in the management of enterprises, where capital was invested.
The establishment of the Investment Company and future activities will give impetus to the development of the non-oil sector of Azerbaijan, Chingiz Asadullayev, the chairman of the Observation Board of AZPROMO said. The signing of a memorandum will have a positive impact on the activities of AIC and AZPROMO.
During the event Anar Akhundov, the Executive Director of AIC, spoke about the directions of company's activities, mechanism on investing, diversification of investments, company's capacities and development potential.