BAKU, Azerbaijan, July 7. The Azerbaijan Construction Manufacturers Association (ATIA) is working with the Association of Banks of Azerbaijan (ABA) on lending to the construction sector, Chairman of the ATIA Management Board Ramiz Isayev said during the "Application of a unified form of contract between the subjects of the construction industry and settlement of disputes in this area through mediation" conference, Trend reports.
Isayev noted that the construction sector is an industry that is ahead of other sectors of the economy in terms of development.
"Due to the extensive scale of activities in this area, certain problems periodically arise in it. Relations between industry participants are regulated by various types of contracts. The multiplicity and diversity of the subjects of the construction industry lead to the application of various forms, including incomplete contracts, which sometimes causes dissatisfaction, complaints and disputes among the participants of the sector," he said.
“Therefore, the Association considers it necessary to apply a single form of contract to all subjects in the construction sector. In this case, most of the current grievances, complaints and disputes will find their solution," he added.
According to Isayev, ATIA has been acting as a bridge between the public and private sectors since the beginning of its activity, regularly holds meetings and events with government agencies on problems and proposals of entities operating in the construction sector.
"As a result of the meetings and events held, various agreements were signed, including on cooperation with a number of institutions, and a decision was made to hold regular meetings. Currently, ATIA is working with the Association of Banks of Azerbaijan on lending to the construction sector, we want to bring innovations to this area," he said.
Meanwhile, the construction sector occupies the third place in Azerbaijan's economy in terms of employment, and the fourth place among SMEs.
Investments in fixed assets in Azerbaijan in 2022 amounted to 18.2 billion manat ($10.7 billion), which is 5.5 percent more in comparison with 2021.
Moreover, five percent of investments (925.4 million manat, or $544.3 million) fell on the construction of residential buildings.