Azerbaijan, Baku /corr Trend I.Khalilova / Austrian experts will visit Baku on 10 October to continue research work on the establishment of skiing resort in Azerbaijan, estimated to approximately $500-700mln, Abulfaz Garayev, the Azerbaijani Minister for Culture and Tourism, said on 4 October.
The project is part of final stage of the concept and some 60 deep prospector wells have been drilled.
A company on management, advertisement activities is being established and we should view which economic indices can be expected in the nearest 5 years. The work is done by the Austrian specialists," the minister said.
Some $1bln has been invested in the establishment of the similar complex in Krasnaya Polyana near Sochi.
According to Garayev, Azerbaijan accounts for approximately $500-700mln with the governments funding for no more than $50mln.
The state investment will be made only for the establishment of infrastructure and hoists, and the rest for hotel business, food system, accommodation and entertaining will be put for a big tender for investors. "Tender will be announced after the adoption of a final decision on a concept of the project and construction of hoists, which is scheduled approximately for April-May 2008," the minister said.