Georgia’s Economy Wide Open for Azerbaijani Investors – Georgian Prime Minister

Business Materials 12 March 2007 18:05 (UTC +04:00)
Georgia’s Economy Wide Open  for Azerbaijani Investors – Georgian Prime Minister

Azerbaijan, Baku /corr Trend S.Aliyev / The Georgian Prime Minister, Zurab Nogaideli, stated that Azerbaijan entrepreneurs will apparently become one of the major investment partners of Georgia. The statement was made during a meeting with the delegation from CIBC and 'Caspian Energy' International Publishing House held on March 9 in Tbilisi.

The delegation was headed by President and Editor-in-Chief of Caspian Energy IPH (First Vice-President of CIBC-Group) Natalya Aliyeva and President of the Caspian Transport Club (member of the CIBC-Group) Abulfaz Hajiyev. Throughout the meeting the delegates discussed possibilities of CIBC business expansion across Georgia.

He recalled that last year SOCAR had purchased the port oil terminal on the Black Sea shoreline where intensive work is underway until now which includes laying a railroad and completing the terminal itself. "By summer 2007 the railway line will be completed and will be an added route intended for Azerbaijan's oil delivery to the world market" Nogaideli stressed.

There are also plans to construct an oil refinery near the terminal. "This means that Azerbaijan will be able not only to deliver crude oil but also to create additional value and increase its own profit", Nogaideli said.

"Unlike previous years, SOCAR will directly access Georgia's oil products market. This process is already underway", Georgia's Prime Minister stated.

According to him, the International Bank of Azerbaijan had already obtained a general licence and has been actively integrating into Georgia's banking market.

"I think these concrete proposals will be followed by other Azerbaijani investments within the Georgian economy", Nogaideli said.

" Georgia's economy is wide open to Azerbaijani investors", the Prime Minister said.

"We are working to attract Georgian investors to the Azerbaijani economy. Many investors are interested in this business, they are working with their partners and this process continues. This is a banking sector, processing industry and other sectors of economy as well", Nogaideli resumed.

The CIBC Management Committee thanked the head of Georgia's government for his constructive speech and the support given to CIBC's projects. On the meeting's conclusion, the Prime-Minister of Georgia, Zurab Nogaideli, gave an exclusive interview to the Caspian Energy Georgia' Journal.