Caspian Countries’ Key Task is to Provide Security in Region: –Azerbaijani First Vice-Premier

Caspian Countries’ Key Task is to Provide Security in Region: –Azerbaijani First Vice-Premier

Russia, Astrakhan, 3 October / Trend corr. R.Agayev/ "Azerbaijan's GDP increased 3.5 times in recent 5 years, which proves that effective social and economic reforms have been carried out in the country," Azerbaijan's First Vice-Premier Yagub Eyyubov said at the Caspian countries' intergovernmental economic conference in Astrakhan on 3 October.

"We hope the conference will promote regional cooperation amongst Caspian countries and will provide favourable conditions for further cooperation and for investment climate in the region. That will bring the relations amongst our countries to a new level and will expand the opportunities of multilateral cooperation, said Vice-Premier.

The foreign trade turnover of Azerbaijan has comprised about $20bln, 2.3-fold rise. Russia's share in the foreign trade turnover of Azerbaijan has comprised 13%, Iran - 4.6%, Kazakhstan - about 3%.

According to Eyyubov, investment climate in the country is improving so as to draw in foreign investors, and the economic legislation is being brought to conformity with international norms and standards.

In recent years, Azerbaijan has turned into a leading investing country in the region. Doing Business, the joint report of the World Bank and International Financial Corporation, announced Azerbaijan the leader of reform making.

"Implementation of Baku-Supsa, Baku-Novorossiysk and Baku-Tbilisi-Ceyhan pipe projects promotes the economic welfare in the entire region and will further promote welfare of the Caspian countries," said Eyyubov.

The Baku-Tbilisi-Ceyhan and Baku-Tbilisi-Erzurum pipes play an important role in supply of Caspian hydrocarbons to the international markets.

"Fair determination of the status of the Caspian Sea on the basis of principles and norms of the international law is one of the important tasks of Azerbaijan. Azerbaijan adheres to further negotiations on fast determination of the Caspian Sea's status on the basis of mutual respect and international law," said Eyyubov.

According to Vice-Premier, signing of an agreement with Kazakhstan to transport oil via the Baku-Tbilisi-Ceyhan pipe is crucial for Azerbaijan. The Europe-Caucasus-Asia and North-South transport routes provide a ground for transport relations and communication cooperation. Construction of the Baku-Tbilisi-Kars railway has commenced. The railway will play a special role to create a single transport and communication system in the region.

"Our common task is to provide stability in the region, to create reliable and safe communications, to improve the investment climate so as to develop energy resources," said Eyyubov.

The correspondent can be contacted at [email protected]

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