The Azerbaijan Investment Company (AIC) plans to hold a presentation of the activities for entrepreneurs and business environment in the end of October beginning of November. The Director of the AIC, Anar Akhundov, said that at present work with potential partners in the non-oil sector is underway and the opportunities for participation with AIC's capital in the any sphere is being considered.
We are waiting for initiatives from the private sector and during the presentation we'd like to demonstrate the procedures and criteria of approval of investment resolutions, Akhundov underlined. In this respect the term of organization of the presentation is inked with the adoption of rules for use of funds of the AIC.
According to the Director of the AIC, rules have been submitted to members of the Observation Board, which led by Heydar Babayev, the Azerbaijani Minister for Economic Development. He found difficult to mention the date of adoption of the rules, as it is part of the Board's prerogative.
Presently the statutory capital of the AIC has been formed on the level of 20m manats and by the end of 2006 will be increased to 50m manats.