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Azerbaijan can be successful economic model for Afghanistan, minister says

10 April 2015 14:21 (UTC+04:00)
Azerbaijan can be successful economic model for Afghanistan, minister says

By Gulgiz Dadashova

Azerbaijan's economy, which was successfully developed mainly thanks to oil and gas sector, can become a successful model for Afghanistan.

Afghan Mines and Oil Minister Daud Saba said Afghanistan is rich in oil and gas potential, for several years now cooperating with international companies, and wants to benefit from the experience of Azerbaijan in this field.

Saba, who met with SOCAR President Rovnag Abdullayev in Baku this week, said the country is also interested in using the experience of Azerbaijan in the development of mineral resources and natural resources of Afghanistan.

Afghan economy while recovering from decades of conflict is interested in Azerbaijani investments in infrastructure, oil and gas production, where Azerbaijan has great experience.

Noting that his country and Azerbaijan are united by deep historical and cultural roots, the Afghan minister invited the investors from Azerbaijan to invest in the oil and gas sector.

Saba emphasized the success of Azerbaijan’s energy giant SOCAR worldwide. Noting that the company is considered to be the vanguard of the energy sector of Azerbaijan, the minister said “SOCAR is recognized worldwide as a successful company and reliable partner”.

Recent estimates by the US Geological Survey suggest northern Afghanistan, especially in the northeast Afghan-Tajikistan Basin, holds up to 1.8 billion barrels of oil. The country has vast mineral deposits valued at £1.92 trillion, but few investments made in the sector due to security concerns.

Afghanistan's government relies heavily on foreign donors to finance the country’s development and security needs. Afghanistan witnessed an encouraging 9.5 per cent growth rate and single-digit inflation for a decade after 2002, but this economic cycle was widely sustained by the inflow of donor funds and aid.

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Follow Gulgiz Dadashova on Twitter: @GulgizD

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