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Weekly economic review

Analysis Materials 27 November 2007 12:02 (UTC +04:00)

The most considerable event of the last week was the ceremony of beginning of Baku-Tbilisi-Kars railway construction which took place in Georgia. This event was is of strategic importance for Azerbaijan, Turkey and Georgia. Attending the ceremony, the presidents of the three countries expressed their satisfaction on behalf of their peoples with the realization of the project which will connect the transport systems of Georgia, Azerbaijan and Turkey.

Completion of construction on the Baku-Tbilisi-Kars project will revive the historical route of the Great Silk Road, Turkish President Abdullah Gul. "I believe that the finalization of the project will improve the social level of the population in all three countries and will improve cooperation among our countries even more still," Gul said. According to the Turkish President, Georgia, Azerbaijan and Turkey will not be the only ones to benefit from the project, but also other countries in the region.

"As soon as peace is established in the region, all other neighboring countries will be involved in the projects. We do not intend to keep other countries out of our joint endeavors. They also can benefit from this, to improve the social level of the populations," he said. Kazakhstan intends to transport 10mln tons of cargo a year via the Baku-Tbilisi-Kars railway, the President said.

Completing the Baku-Tbilisi-Kars railway project will positively affect not only the development of this region, but also the whole world, said the President of Azerbaijan, Ilham Aliyev. This project will strengthen transportation security, which is as vital as energy in this region.

Azerbaijan, Georgia and Turkey have already finished several other joint projects, including Baku-Supsa, the Baku-Tbilisi-Ceyhan pipeline and the Baku-Tbilisi-Erzurum gas pipeline. "I am sure that this project [Baku-Tbilisi-Kars] will be as successful as previous projects," said the President of Azerbaijan.

According to the President, the project had been uncertain, and talks had been held with international financial institutions for financing the project, but they yielded no results. "Today, we ( Azerbaijan, Georgia and Turkey) will finance and accomplish this project ourselves," the President said.

Completion of construction on the Baku-Tbilisi-Kars railway project will enable Georgia to overcome a transportation deadlock and put an end to the era of isolation from Europe, the Georgian President Mikhail Saakashvili said

"I am very excited, since today is a historical day for Georgia. Today we launch construction of the railway; the project of the century that will unify Georgia with Europe through Bosporus and Tbilisi, and will enable direct communication with Paris, London and Budapest, as well as Baku and throughout the Caspian Sea and Asia," he said.

"For Georgia, it means not only the involvement of thousands people, but also the opening of regions which have been closed until. I hope new investments will be made in the project, and thus many goods will flow from China to Europe via Georgia. That means the re-unification of Azerbaijan with Georgia and through Turkey with Europe," the Georgian President said. Saakashvili called implementation of the project a geopolitical revolution.

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