Azerbaijan, Baku, Sept.8. / Trend I.Khalilova /
Tbilisi is hosting the opening ceremony of an office of the Azerbaijan Economic Development Ministry's Azerbaijani Export and Investment Promotion Foundation (AZPROMO), the Azerbaijani government said. The Azerbaijani delegation, headed by Deputy Economic Development Minister, Niyazi Safarov, is on a visit to Tbilisi to attend the ceremony.
The delegation also includes the AZPROMO President, Farid Akhundov, and chief of the ministry's Department on Development of Entrepreneurship, Zaur Gasimov. Meetings are planned to be held with the Georgian Economic Development Ministry during their visit.
Establishing a representation is necessary for voicing the interests of local companies and finding contacts among Georgian business circles.
At present companies represented in the Georgian market are working independently. SOCAR has projects being implemented in Georgia and the World Bank and the Caucasus Development Bank also represented here.
Prior to the events in Georgia in August, it was announced that there were potential Azerbaijani investors who wanted to found companies in various sectors.
"We have held meetings with them, because they also want to benefit from the presence of the Georgian TBC Bank in the Azerbaijani market, Zezva Tsiskarishvili, Deputy Director General of TBC Bank, which owns 75 percent shares in the capital of non-bank credit institution TBC Credit said in May, 2008. We have the opportunity to fund projects in Georgia and take the pledge of property in Azerbaijan. This is very convenient for the Azerbaijani investors, as they will be able to borrow in Georgia are, mortgage their real estate in Azerbaijan."
Businessmen of Georgia and Azerbaijan are interested in realization of joint projects in trade and production. They want to promote their products on the Azerbaijani market and TBC Bank will actively assist them in the process of investing in Azerbaijan by financing through a subsidiary in Azerbaijan - TBC Credit, Tsiskarishvili said.
"This is just the beginning, and I think that in the future for us will be a very good factor is that many investors of both countries will be presented at each other's markets, which facilitates the integration," Tsiskarishvili added.
Opening of AZPROMO representative office in Georgia was planned in 2008. However this was postponed due to the unstable situation in that country. Taking into the account the success of the country in the construction sector and in consumer services (production of electrical appliances, home and office furniture, the Azerbaijani companies could offer their services in these spheres in Georgia.
The first representation of AZPROMO was opened in 2007 in the West Kazakhstan (Aktau).
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