Azerbaijan, Baku / Trend corr U. Ismayilova / Leasing began its development in Azerbaijan in 2005. Though it is developing, there are still problems - imperfection of business accounting, lack of financial resources. Leasing in Azerbaijan is now a rapidly developing business with good prospects.
Players of the Azerbaijani leasing market told Trend how they would develop leasing in Azerbaijan in 2008:
The Chairman of the Board of the Association of Leasing Companies of Azerbaijan, the President of the Ag leasing company Azer Mammadov:
- In 2008 assets of Azerbaijani leasing companies will increase more rapidly than assets of banking companies. In case the Government comes to an understanding with the leasing market (the Government is currently considering the Association's set of suggestions on support from the Government), so dynamic growth of the leasing market will annually make up 200-300%. The Association of Leasing Companies of Azerbaijan will try to make the Azerbaijani market competitive both in Azerbaijan and abroad, as leasing is a unique instrument in the development of the non-oil sector. It is not ruled out that as a result of on-going negotiations, subsidiaries of large fiscal institutions will be established in Azerbaijan.
The President of Texnika Leasing company Elkhan Najafguliyev:
- In 2008 the need for leasing operations will increase in Azerbaijan. That will positively affect the growth in the market. The economic growth rate is increasing in Azerbaijan and as a result large enterprises need equipment.
The Deputy President of Ata Leasing company Eldar Dashdamirov:
- In 2008 the number and the amount of leasing deals will increase in the Azerbaijani leasing market. Moreover, leasing may spread over the regions of the country. Most companies are located in Baku and therefore they provide equipment only in Baku and Absheron.