SECO studies new directions of cooperation with Azerbaijan

Business Materials 22 December 2011 17:14 (UTC +04:00)

Azerbaijan, Baku, Dec. 22 / Trend N.Ismailova /

The Swiss State Secretariat for Economic Affairs (Seco) will conclude develop a new action strategy in Azerbaijan for 2013-2016 by the spring of 2012, the Seco Baku office told Trend on Thursday.

"Our current strategy covers 2008-2011, but the decision on extension of its validity for one year was accepted last year," Seco said. "The development of an action strategy for 2013-2016 will be completed in the spring."

A new strategy could include new directions of cooperation, particularly support of county's agricultural sector. The cooperation will be continued in two existing directions - development non-oil sector, including the infrastructure projects and support for macroeconomic policy.

"Definitely we preserve our portfolio in these two directions. Seco plans to invest in Azerbaijan approximately $6-7 million in 2012," Seco said.

Seco has realized 25 projects in Azerbaijan, while the implementation of another 12 is underway.

Seco passed 3 new projects for Azerbaijan for a total of $3.5 million in 2011. Seco approved a provision to the State Postal operator Azerpoct technical assistance at the rate of $600,000, the State Committee for Securities - $1.6 million to modernize the capital market and $1.3 million for consumer protection and finance education within the project which is realized jointly the Finance Ministry, the Central bank and the State Committee for Securities, and is realizing jointly the World Bank.