Azerbaijan, OIC increase trade turnover
By Nazrin Gadimova
Azerbaijan's trade turnover with the member countries of the Organization of Islamic Cooperation (OIC) amounted to $6.8 billion in the end of 2013, 7.7 percent more than the previous years.
The news was announced by Azerbaijan's Economy and Industry Minister Shahin Mustafayev at a meeting with OIC Secretary General Iyad bin Amin Madani.
"Azerbaijan is involved in assisting the projects implemented by the OIC," the minister said, stressing that the visit is an indicator of the successful cooperation between Azerbaijan and the OIC.
Being the financial structure of the OIC, Islamic Development Bank (IDB) allocated credits amounting to $960 million dollars for funding 18 projects, as well as technical assistance amounting to $5 million dollars for the implementation of 14 projects.
Mustafayev praised the level of economic relations within the Standing Committee for Economic and Trade Cooperation (COMCEC), which is the basic structure of the OIC.
"Until today, Baku held a series of international events and forums within the organization, including the annual meeting of the Governors of the IDB in 2010," the minister said, particularly pointing to the 4th Islamic Solidarity Games which will be held in Azerbaijan in 2017.
Mustafayev also noted the OIC's unending support for Azerbaijan's fair position in the Nagorno-Karabakh conflict and the resolutions taken on this issue.
The OIC Secretary General, in turn, emphasized the importance of cooperation with Azerbaijan, expressed confidence in the expansion of mutual ties in the future, and gave information about the prospects of cooperation with the OIC.
The guest also praised the great economic achievements that Azerbaijan has reached in a short period of time, noting that the country's experience in economic diversification, business development, and other areas may become a model for the other OIC member countries.