Baku, Azerbaijan, June 2
By Azad Hasanli - Trend:
The UK is ready to assist Azerbaijan's capital markets integration into global capital markets, Lord Mayor of the City of London Corporation Alan Yarrow said during the press conference in Baku June 2.
Azerbaijan's economy remains dependent on the oil and gas sector and therefore the country needs to develop its capital markets, according to Yarrow.
He added that in general, the capital markets allow entrepreneurs to diversify the sources of attracting funds: aside from bank loans, it is possible to attract funds from the global organizations as well.
The countries with the developed capital markets quickly recovered after the global financial crisis, while the recovery process is more difficult for countries that are more dependent on bank loans, said Yarrow.
He added that the main assistance that the UK can render to Azerbaijan for the future economic development is the exchange of knowledge.
The Lord Mayor also touched upon the issue of decrease in oil prices.
He said that when the oil price is at a high level for a long time, the countries do not pay special attention to the diversification of economy.
Undoubtedly, the diversification of economy will turn Azerbaijan into a more attractive country [for the investors], he added.
Edited by CN
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