Switzerland invests $97 million to assist transitions in Azerbaijan’s economy
By Nazrin Gadimova
Switzerland has invested over 85 million Swiss francs (1 CHF= $1.1388) for transition processes in Azerbaijan's economy, including reforms in the country's finance sector.
This was announced by Deputy Regional Director of the State Secretariat for Economic Affairs of Switzerland (SECO) for the South Caucasus, Matthias Feldmann at the opening of a training centre for capital market participants in Baku.
"We also cooperate with the World Bank and Azerbaijan's state structures on a permanent basis under the project for the modernization of the capital market," Feldmann said. "Switzerland has sufficient experience in this sphere and this project is an important part of our support to the development of the country's finance sector."
Reforming the financial sector plays an important role in ensuring the economic development, Feldmann believes.
"Conduct of these reforms is not an easy task and requires time. In this regard, the opening of a training centre testifies that the government is a right way in term of implementation of reforms in the capital market," he added.
Switzerland is one of the largest investors in the non-oil sector of Azerbaijan's fast-growing economy. More than 70 companies with Swiss capital are registered in the country.
Azerbaijani companies are also interested in the Swiss economy. Azerbaijan's state energy company SOCAR has already invested 380 million Swiss francs ($322.3 million), and the company's representative office is operating in Switzerland.