Azerbaijan has all chances to become financial center of Central Asia and Caucasus
Azerbaijan, Baku, June 12 / Trend I.Khalilova /
Azerbaijan has the political and socio-economic opportunities to become a financial center of Central Asia and the Caucasus, Azerbaijani State Securities Committee Head Rufat Aslanli said.
"The current situation allows the country to consider such a strategy, but it is not designed for the short term," Aslanli said. "The Azerbaijani market observes strong interest by foreign investors and the financial markets in neighboring countries."
He said such an increased interest is linked with stability and sustainability of the Azerbaijani economy, including the financial sector in the disasters occurring in the world markets. In addition, all international organizations confirm that the stability of Azerbaijan's economy in the current global situation is explained by the efficiency and pragmatism of the pursued policy of macroeconomic management in general and financial sector regulation.
"We can take advantage of these chances to turn into a financial center of the region," Aslanli said.
The international banking conferences of the CIS countries held annually in Baku pays great attention to the establishment of regional financial centers, as it would be a real contribution to the deepening of economic integration among the CIS countries. Such an approach will allow to upgrade the financial infrastructure of the CIS countries and create an effective tool to attract additional resources - both foreign and domestic to the CIS countries' economies.
Chairman of the Coordinating Council of the Finance and Banking Council of CIS Anatoly Kazakov said this is not a quick process and the establishment of financial centers requires 10-15 years, as it is necessary to build the infrastructure and telecommunications, establish preferential areas and encourage capital inflows. In his view, creation of the CIS finance and banking market is the most pressing issue in terms of the global financial crisis. It can be established with regional centers in Russia, Azerbaijan and Kazakhstan. Kazakov regards Baku as one of the contenders for creation of a regional financial center.
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