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UN Presents New Program for Stimulating Investments to Black Sea Region

Business Materials 12 June 2007 18:17 (UTC +04:00)

Azerbaijan, Baku / Trend corr I. Khalilova / The UN Development Program has presented the Program on Promotion of Investments and Export to Black Sea Countries, which will provide support to Azerbaijani business.

According to the President of the Azerbaijan Export and Investment Promotion Fund (AZPROMO), Azerbaijan takes the leading place in the UN report on capital investments. Over $20bln has been invested into the Azerbaijani economy within last ten years.

UN Resident-Coordinator, Bruno Pouezat, considers the new program as stimulating investment flow into the region. According to Pouezat, investments in the member countries of the organization of the Black Sea Economic Cooperation (BSEC) are mainly directed towards implementation of projects in energy and infrastructure fields.

The program covers four stages. During the first stage, research on determination of investment and trade possibilities of the Black Sea region, as well as on investment and trade environment will be conducted. In the second stage, the sectors with large investment opportunities of capital and for regional trade will be determined. The third stage will consist of organizing sector arrangements for determining local partners in each of the countries. The last stage will involve selecting the major sector partners through brokers or market research.

The Director of the program, Lovita Ramguette, noted that the business potential for Azerbaijani companies made up $8bln, while the amount in use comprised only $2.4bln.

She said that the main purpose of the program was to determine unused opportunities for trade and investments in the region, and what contributes to the extension of regional economic bonds.

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