Azernews.Az

By Rashid Shirinov

Azerbaijan invites U.S. companies to invest in the non-oil sector of the economy, Azerbaijan's Deputy Minister of Transport, Communications and High Technologies Elmir Valizade said.

He made the remarks at the panel discussion on investment and trade, held within the Trans-Caspian Forum in Washington on May 17-18.

“Azerbaijan has improved its position in the leading international business ratings, and new opportunities for cooperation in the non-oil sector have been created for U.S. companies, including in transport and logistics, high technology, infrastructure, industry and other fields,” said Valizade.

The deputy minister further spoke about the state policy in trade, transport and transit spheres in Azerbaijan, and informed in detail about the reforms recently carried out in the country under the leadership of President Ilham Aliyev and the results achieved.

Brian McFeeters, Principal Deputy Assistant Secretary at the U.S. Bureau of Economic and Business Affairs, in turn, expressed his country's support for the Trans-Caspian corridor, which is an important component of the modern Silk Road.

He stressed the important role of the corridor in the implementation of cargo transportation from East to West, and emphasized that the U.S. is interested in becoming a partner in this.

McFeeters further said that the countries of the region are implementing important infrastructure projects in the development of the corridor, and also noted the importance of the Baku-Tbilisi-Kars railway, which was put into operation last year.

“The U.S. is ready to cooperate closely with the countries of the region in this direction,” he said, adding that he intends to visit the region in the near future.

Representatives of the state and companies spoke at the four panels organized within the Trans-Caspian forum: on technology and innovation, business and investment conditions, opportunities for sea, rail and air transport in the countries of the Trans-Caspian corridor, and on the transformation of the region into a global center in terms of energy and security.

In general, the event was attended by more than 200 representatives of government agencies, academic organizations, business and political circles of the U.S. and the diplomatic corps. The forum was held under the joint organization of the U.S. Chamber of Commerce, which has more than 3 million members, and the Caspian Policy Center.

The U.S. and Azerbaijan established diplomatic relations in 1992 following the latter's independence from the Soviet Union. Last year, the trade turnover between the two countries amounted to $781.78 million, according to the Azerbaijani State Customs Committee.

Presently, the countries work together to promote European energy security, expand trade and investment, and combat terrorism and transnational threats. The U.S. companies are actively involved in a number of projects in Azerbaijan, including the development of Caspian hydrocarbons in the offshore Azerbaijani oilfields.

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Rashid Shirinov is AzerNews’ staff journalist, follow him on Twitter: @RashidShirinov

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