Azerbaijan, Baku /corr Trend I.Khalilova / Sevinj Hasanova, the Azerbaijani Deputy Minister for Ecoomic Development, reported on 27 February that work on the improvement of the state investment policy has been launched with the US Government support. It is planned to improve the legislation and remove the gaps in order to shape a more effective and comprehensive investment policy.
This change has been instigated by an increase of state investments in the country's economy. Hasanova noted that the investments allocated from the public budget last year were 10 times more than 2003.
Developing a public budget for 2007 at the present time, the Government is designing a one-year investment program and will provide forecasts for the subsequent 3 years. However, the funds are distributed only for one year.
In 1995-2006 a total of $36.7mln has been put into the country's economy from all sources. Some $25.7mln (over 70%) went on foreign investments.