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US ambassador discusses current world economy at Azerbaijan State University of Economics

Society Materials 18 May 2016 11:27
Extraordinary and Plenipotentiary Ambassador of the United States to the Republic of Azerbaijan Robert F.Cekuta visited Azerbaijan State University of Economics (UNEC) on May 16
US ambassador discusses current world economy at Azerbaijan State University of Economics

Baku, Azerbaijan, May 18

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Extraordinary and Plenipotentiary Ambassador of the United States to the Republic of Azerbaijan Robert F.Cekuta visited Azerbaijan State University of Economics (UNEC) on May 16.

Meeting with UNEC Rector, Professor Adalat Muradov the ambassador spoke about the current situation with teaching of the English language in Azerbaijan. Issues of involving instructors from the US in training English at UNEC who use the academic mobility as well as the Fulbright Program were also discussed during the meeting.

Afterwards, Cekuta commented the existing situation of the world economy to the undergraduate students of the International School of Economics of UNEC. UNEC students in turn addressed their questions on economy to ambassador. Students' questions on increasing role of the Chinese economy in global economy, changing oil prices on the world market, US-Azerbaijan economic relations and especially direct investments from the US to Azerbaijan were responded.

The ambassador said though the major developed regions of China's economy are located in the eastern part of the country, now it is moving to the west of the country. Speaking about the transformation of the national currency of China Yuan into the world currency Cekuta drew the students' attention to the national economy which has become the world's second largest economy over the recent years. He noted that China's economy and factor are no longer possible to ignore in the world economy; currently entering the Yuan into the world economy in a systematic way is happening.

Focusing on changes in oil prices Ambassador Cekuta noted in his speech that the decline in the oil price should be viewed in ways. The drop in the oil price of black gold for consumers, of course, is very good. However, the decrease for oil-exporting countries and companies is not a positive thing. Because of the fall in the price of black gold the decline in prices of other products fall, in addition it leads to the reduction of oil companies and ultimately to unemployment. Cekuta noted that oil prices have created problems for many countries in the current situation, but we cannot say that for Azerbaijan. The economic situation in Azerbaijan cannot be compared with the situation existing in Venezuela and Nigeria.

The ambassador also touched on the investment policy of US companies. He said that his country's companies will continue to take active part in Azerbaijan's energy sector in any case. The ambassador also emphasized the possibility of focusing his country's businessmen on Azerbaijan's tourism and information technologies sector.

UNEC students shared their opinions with Ambassador Cekuta.

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