Azerbaijan integrates with global economy MP Ziyad Samedzadeh

Business Materials 20 April 2006 14:18 (UTC +04:00)

Year-by-year investment climate improves in Azerbaijan. The country represents itself as a promising investor. Alongside the investment climate improvement it is necessary to modify legislation, Trend reports quoting Ziyad Samedzadeh, head of permanent parliamentary commission for economic affairs. Turning Azerbaijan into an external investor may not be stipulated by laws, but such a process is allowed by economy, in particular currency reserves and financial base of the country that grows up year by year.

В"We are already partaking in a number of projects overseas, and our scopes and capacities are risingВ", - Samedzadeh said.

He says also the law draft В"Investment ActivityВ" is currently examined, and there are numerous discussions led on this draft with Ministry for Economic Development and other involved agencies.

Samedzadeh opines that passing this law will prove the integration of Azerbaijan with the global economy. The law is stating a number of specific regulations regarding increase of efficiency of investments made in Azerbaijans economy and creation of actual law-making preambles. There must be equal conditions created for all investors in normal countries, and Azerbaijan today is ready to ensure that.

В"However, we should be careful to making any preferences to investors. It is a very specific matter, in particular financing, credit and tax preferences. These preferences must exist anyway as it is impossible to progress developing countries without themВ", - deputy claims.

The law is not stipulating the preferences directly, but there are some regulations, orders of the President and resolutions of the Government. All depends on nature and sphere of these preferences to be provided, Samedzadeh added.