Azerbaijan, Britain plan to expand co-op
By Nigar Orujova
An Azerbaijani-British working meeting has been held in Baku as part of the visit of Lord Mayor of the City of London, Alan Yarrow to Azerbaijan.
Economy and Industry Minister Shahin Mustafayev highlighted developing relations between Azerbaijan and Great Britain, stressing on the importance of reciprocal visits in expanding cooperation.
He said Azerbaijan and Great Britain are closely cooperated in various fields of economy, adding British companies participated in energy projects carried out in Azerbaijan. The minister said cooperation in various fields of economy had great potential.
The visit of the British delegation would contribute to further expanding cooperation between the two countries he stressed, noting on the significance of establishing the Azerbaijani-British Intergovernmental Commission in terms of development of economic relations.
The minister also provided an insight into Azerbaijan’s economy, saying macro-economic stability and economic development was provided in Azerbaijan, adding that fruitful business and invest environment had been established in the country.
Mustafayev also highlighted the role of Azerbaijan in ensuring the energy security of Europe.
In his turn, Yarrow highlighted the successfully developing Azerbaijani-British ties, as well as the importance of reciprocal visits in expanding cooperation. He applauded the successes of Azerbaijan in various fields, as well as its diversification of its economy.
The event saw the presentation by Head of Azerbaijan’s Export and Investment Promotion Foundation, Rufat Mammadov on the country’s economy, as well as its business and investment environment.
Azerbaijan and the United Kingdom cooperate in various fields, including energy, trade and investment. Currently there are 543 companies with British capital in Azerbaijan, as well as the UK has invested$ 20 billion in Azerbaijan's economy.
Great Britain to assist Azerbaijan
Great Britain is ready to provide Azerbaijan with professional staff to help the country enter global markets, Yarrow told Trend.
Yarrow said London is the largest financial center in the world, and that at such it has such major institutions as the Institute of Chartered Accountants in England & Wales, and others, which are able to train professional staff that will help Baku enter world markets.
In order to become a regional financial center, Azerbaijan needs to fulfill a number of necessary terms, he added.
Azerbaijan needs to meet global standards in terms of professionalism of personnel, Yarrow said.
Aside from that, he explained that taxation and laws, in particular trade law should also comply with global standards, emphasizing that transparency and quick action of legislation should be ensured.
Yarrow said these conditions are necessary for the stocks and bonds issued in the country to be listed on the world's financial markets. If these conditions are met, it will be easier for Azerbaijan to become a financial center in the region.
He said that whether or not Azerbaijan will turn into a regional financial center, it must adopt these standards.
“First, we must see that these standards will be appropriate for the country as their adoption will attract more investors to Azerbaijan,” he said.
Yarrow stressed that the sector of rendering financial services is a priority for Great Britain in cooperation with Azerbaijan.
“We would like to cooperate in the field of life insurance and pension system. These sectors are being developed. They need the right foundation. In this regard, it is necessary to create a legal framework.”
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Nigar Orujova is AzerNews’s staff journalist, follow her on Twitter: @o_nigar
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