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Azerbaijani official: Holding of Global Forum on Islamic finance in Baku will stimulate development of relations among IDB members-countries (PHOTO)

Business Materials 21 June 2010 14:36
Holding of the fifth Global Forum on Islamic finance 'Global stability and the path to integration' by the Islamic Development Bank (IDB) will give impetus to the development of relations among the IDB members-countries, as well as an give an opportunity to discuss the possibility of signing new agreements in the meetings, Azerbaijani Economic Development Minister Shahin Mustafayev said today.
Azerbaijani official: Holding of Global Forum on Islamic finance in Baku will stimulate development of relations among IDB members-countries (PHOTO)

Azerbaijan, Baku, June 21 / Trend S.Aliyev /

Holding of the fifth Global Forum on Islamic finance 'Global stability and the path to integration' by the Islamic Development Bank (IDB) will give impetus to the development of relations among the IDB members-countries, as well as an give an opportunity to discuss the possibility of signing new agreements in the meetings, Azerbaijani Economic Development Minister Shahin Mustafayev said today.

"A large number of participants, from 23 countries, indicate investment attractiveness of both Azerbaijan and the IDB countries," Mustafayev said.

Mustafayev said the total investment in Azerbaijan has made more than $ 80 billion, of which half fell to the foreign.

"This is an indicator of investment attractiveness of Azerbaijan, which is one of the best performances among the CIS countries," he added.

There are many reasons for this investment attractiveness of Azerbaijan, one of which is the well-established political stability, Mustafayev believes.

The share of trade with the countries of the Organization of Islamic Conference was 14.2 percent in 2009, and 18 percent -the first months of 2010.

"Continuation of economic growth in Azerbaijan, despite the global financial crisis, is observed to a deliberate economic policy, rational management of oil revenues and development of the country's regions and non-oil sector. Non-oil sector grew by 1.9 times in the past five years," Mustafayev said.

Mustafayev said resistance to the crisis has also contributed to the development of the private sector. 85 percent of GDP is now formed by the private sector. The country took operational crisis response measures and conducted activities to support small and medium enterprises. The country allocated preferential loans in the amount of 160 million manat small and medium enterprises in 2009.

According to Mustafayev, another indicator of investment attractiveness of Azerbaijan is the establishment of an efficient business environment. The country signed agreements on investment protection with 42 countries and discussions are under way with 23. The country signed agreement on avoidance of double taxation with 40 countries and the relevant discussions are under way with 14.

Mustafayev also announced the investment priorities of the Azerbaijani economy, including diversification, development of non-oil sector, continued infrastructure development, road construction, development of the agriculture sector, IT-sector, tourism, alternative energy, creation of logistics centers and warehouses, and ecology.

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