Azerbaijan, Baku / Trend corr. I.Khalilova / The first Constituent Assembly of the new Caspian International Investment Company, has been established with the participation of the Azerbaijani Investment Company (AIC) and Islamic Private Sector Development Corporation.
The constituent agreement was signed between Anar Akhundov, AIC's Executive Director, and Khalid Al-Abudi, ICD's Executive Director. "The key goal of the company is to draw investments from Arabic countries. We pay major importance to a corporation which has such experience," Akhundov said.
ICD's Executive Director noted that all directions for potential investments to Azerbaijan were studied in order to create the joint investment company. Al-Abudi considers that 95% of markets are open to Islamic corporation. Together with the investments the corporation is interested in bringing expertise to the country. "Our aim is not only to draw investments to Azerbaijan but also to bring Azerbaijan up to international standards," Al-Abudi said. The investments by the Caspian International Investment Company for projects in Azerbaijan in agriculture, medicine, logistics, construction materials and service spheres were discussed during the assembly.
Akhundov said that investments would also to be made in the economy sector excluding the manufacturing of alcohol drinks and pork products.
The company was established with the primary authorized capital $3 or $4mln. The sum will be reached to $70mln for two years. AIC's share in the company made up 25%. The company will not only be formed at the expense of AIC and ICD, but also at the expense of investors from the Middle East and Persian Gulf countries.
The Islamic Bank of Development, Ahmad Mohammad Ali, proposed to establish the company within the framework of the investment conference with participation of the Arabian Institutions and investors in Baku on 8 and 9 November 2006.