Azerbaijan, Baku, July 4 / Trend I.Khalilova /
The Azerbaijani government continues measures to strengthen economic stability and expansion of diversification of economy, State Securities Committee Chairman Rufat Aslanly said in an international conference on Development of Corporate Bonds.
"Global financial crisis confirmed that versatility of economy, support the development of non-oil sector in general is an important condition for sustainable growth and welfare," Aslanly said. This fact testified the Azerbaijani government's policy is correct."
On the other hand, presence of financial resources, which means stability of banking sector is an important factor to support sustainable development of economy. Along with banking sector, it is necessary to establish well diversified infrastructure of financial mediators, including capital markets.
"Capital markets promote ensuring additional financing for companies and at the same time create terms for availability of cheap and long-term financial resources, which are the important factor in post-crisis period," Aslanly said.
At present, there are basic elements, legislation, infrastructure for complex trade and financial mediators for intensive activities of the capital market. There are also initial factors to institutionalize demand and supply, which is explained high growth rate of incomes of business and enterprises.
On the other hand, business activity in the country growth with high rate in the country, enabling to form group of companies prepared to enter the world securities markets. As a result, it necessitates huge investments.
"All these factors shape initial base to develop securities market in Azerbaijan, Aslanly said. Presently, the major task is to prevent make the opportunities effective and set up active capital markets.
In this respect it is planned to improve legislation and market infrastructure, strengthen regulating potential for financial stability, ensure balance between risks, stimulate demand and supply at the securities market and hold enlightenment work.
An action plan is realized on each of these directions currently. There are agreements to attract technical assistance to realize them.
Aslanly called on participants in the market to open dialogue, proving more efficiency for cooperation of potential emitters and investors.