Azerbaijani ministry developing proposals to create trade houses abroad

Business Materials 7 July 2011 12:33 (UTC +04:00)

Azerbaijan, Baku, July 7 / corr A.Akhundov /

The Azerbaijani Ministry of Economic Development is developing proposals to create trade houses of Azerbaijan abroad, Minister for Economic Development Shahin Mustafayev told Trend.

"Azerbaijani President Ilham Aliyev has given relevant instructions," Mustafayev added. "We are developing proposals for creating trade houses."

The minister said earlier Azerbaijan planned to open trade houses in several capitals of the EU and CIS member-states to promote export of domestic products.

"In this regard, studies are being done in the countries which appeal to us to tackle creating Azerbaijani trade houses," Mustafayev noted. "It can be both CIS and the EU markets. We intend to take our niche on these markets to export our products."

He said trade houses to be shortly built will function on a permanent basis and target both enhancing private trade and organizing exhibitions.

State Oil Fund of Azerbaijan (SOFAZ) head Shahmar Movsumov earlier said that SOFAZ plans to buy real estate abroad within a newly prepared investment strategy. This could potentially be used to trade Azerbaijan's houses abroad, he added.

"We are working on a new investment strategy," he said. "Perhaps, in future time we will be able to invest in real estate in accordance with this new strategy. In this case, the potential real estate in which we will invest can be used as trading houses."

He said the process of buying real estate may begin from 2012 after SOFAZ's new investment strategy is approved in late 2011.