Azernews.Az

Members of the Caspian-European Integration Business Club (CEIBC) met with the US Ambassador to Azerbaijan Matthew Bryza in Baku on Wednesday.

Perspectives of participation of the American investors in the projects realized by the CEIBC members in Azerbaijan as well as opportunities of cooperation of Azeri companies with American business groups were discussed.

Goals and objectives of CEIBC are of great importance for business development, Bryza said while delivering a speech at the meeting. He spoke about bilateral relations of the USA and Azerbaijan in various spheres of cooperation. "I wish to see further broad cooperation of CEIBC with American companies," the Ambassador said.

Bryza said more successful cooperation between Azerbaijan and the USA is observed in the energy sector. "It is a known fact that Azerbaijan’s economy grew by 3 times within 7 years at the expense of oil and gas production growth. This is the highest global indicator," he said.

He also stressed positive results in the sphere of fighting against poverty. "If the poverty rate totaled 49% in 2003, this level was reduced down to 9% in 2009. This is a very serious figure even if the statistics sins a little. Work on diversification of economic development is done in Azerbaijan. 80-85% of the economy currently falls to the share of the private sector," the Ambassador said.

According to the report of the World Economic Forum, Azerbaijan holds the 56th position globally on the competition stability and the 1st position among the CIS countries.

The Ambassador also noted about bureaucratic problems as well as about problems existing in the banking sector of Azerbaijan. "For this purpose, it is hard to build business in Azerbaijan. However, Azerbaijan government works in the direction of solution of these issues."

"I always tell my partners in the USA that Azerbaijan is an important country from the standpoint of making investments… No Dutch disease is observed in the country since the central bank control economy development. Azerbaijan is the only country which is located between Russia and Iran. This is a strategic issue. Azerbaijan builds relations both with the USA and West," ambassador said.

He spoke about plans of big American companies which wish to establish their business in Azerbaijan.

"The USA and the EU as well as foreign financial institutes like IDA and WB assume that Azerbaijan should diversify its economy. But Azerbaijan itself made incredible steps in this direction," Bryza said.

Bryza said 40 percent of Azerbaijani population is engaged in agriculture, but the entire sector accounts for only 6% of country’s gross domestic product.

Bryza said that the US embassy to Azerbaijan plans to promote attraction of American companies into the agricultural market of Azerbaijan, particularly into the processing industry. "Azerbaijan makes huge investments into the development of air, sea and road transport. The size of financial means flowing into the development of tourism grows as well. But there is a big potential for agriculture which demands financial investments. It is necessary to ensure further development of financing of farmers and agrobusiness in order to develop export potential of the country. We plan to attract American companies which are ready to cooperate with farmers and make investments for the growth of agriculture."