Azerbaijan, Turkey ink deal on agricultural insurance
By Akbar Mammadov
The Agricultural Insurance Fund of Azerbaijan and Agriculture Insurance Union of Turkey (TARSIM) have signed an agreement deal, Azerbaijani Agriculture Ministry’s website reported on February 27.
The Statement of Intent considers the mutual cooperation between both countries on the agricultural insurance area and was sealed during the visit to Baku by Deputy Minister of Agriculture and Forestry of Turkey Fatih Metin.
As part of the visit, a meeting was held between Minister of Agriculture Inam Karimov and Turkish Deputy Minister of Agriculture and Forestry Fatih Metin.
During the meeting, Minister Karimov informed guests about measures implemented on the agrarian sector in Azerbaijan. He said that the National Assembly adopted a law on “About Agricultural Insurance“, the Cabinet of Ministers affirmed Charter of the Agricultural Insurance Fund and “The composition of agricultural insurance subject”.
“Thereby, the legal base for the large scale application of agricultural insurance was formed for the first time in our country. The mechanism of agricultural insurance in Azerbaijan is being built on the experience of Turkey’s TARSIM model. The model based on the state-private sector cooperation is an efficient and successful one. Joint insurance of products by the Agrarian Insurance Fund and private insurance companies will reduce investment risks, strengthen the state support to farmers, positively affect employment, contribute to food security and reinforce insurance market,” said Inam Karimov.
Mentioning the development of all areas of the economy in Azerbaijan, including the agricultural sector, Fatih Metin, the Deputy Minister of Agriculture and Forestry of Turkey, noted that there is a great potential to enlarge the partnership between both countries.
“We highly appreciate Azerbaijan’s steps directed to develop agriculture. Turkey will continue to provide technical support and exchange of experience for application and development of agricultural insurance in Azerbaijan. I consider that the insurance model applied in Azerbaijan will be a role model for region countries” Metin said.
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