By Nigar Abbasova
Azerbaijan intends to promote its real estate market and attract local and foreign investments in this area. The 2nd Azerbaijan International Real Estate and Investment Exhibition held in Baku on November 22-24, which featured the most attractive real estate projects of Europe, the Middle East and the Caucasian countries gave an additional stimulus to revitalize the market.
President of Azerbaijan Ilham Aliyev and his spouse Mehriban Aliyeva attended the event on November 23 and got familiarized with the pavilions of the exhibition.
Co-organized by the State Committee on Property Issues, "Elan Expo" and "Atılım Fuarcılık" companies, the exhibition presented nearly 100 brands of building and construction projects from Azerbaijan, Turkey, United Arab Emirates, Georgia, Ukraine, Cyprus, Spain, Russia, Portugal, Hungary and Luxembourg.
The exhibition became a pivotal stage in terms of demonstrating the current investment climate in the real estate market to foreign investors, as well as involving the investors in the privatization process carried out in the country. The participants got acquainted with the most recent reforms on the improvement of business environment, investment climate in the country, as well as novelties in the sphere of privatization.
The privatization process, which is currently underway, is designed to attract both foreign and local investors, as well as improve the business environment of the country. Major goal of the process is to achieve liberalization of economy, to enhance entrepreneurship, to set up competitive environment and to increase the effectiveness of the economy through attracting investment.
The economy of Azerbaijan has so far managed to attract nearly $1.1 billion by means of investment tenders.
Deputy Chairman of Azerbaijan’s State Committee on Property Issues Rafig Jalilov said that the investments allowed to increase the volumes of local production by 1.5 billion manats ($0.87 biilion). Addressing the conference held within the exhibition he said that nearly 47,000 state facilities were privatized and 1,600 joint-stock companies were created in Azerbaijan until 2016, while some 250,000 people became owners of the shares in the state-owned facilities.
As for the claim that strategic facilities are not privatized in Azerbaijan, he noted that the ore-dressing and processing enterprise in Dashkasan and Ganja automobile plant, which are quite large enterprises, have already been put for privatization.
The next auction, which is scheduled for December 20 will put up for sale some 84 enterprises and properties, including 23 joint stock companies, 26 small enterprises and properties, 32 of unused non-residential areas and 3 vehicles.
Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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