Economy

Baku hosted US-Azerbaijan Business and Investment Conference

04-06-2011 | 10:04        

  

The 7th business and investment conference “Business Opportunities for America and Azerbaijan” organized by US-Azerbaijan Chamber of Commerce has been held in Baku . State and government representatives and more than 40 foreign investors representing a number of spheres attended the conference. Azerbaijan producing 1 million barrel of oil daily, has become the main energy supplier for Europe. The development is observed in non-oil sector as well. Co-chairman of the US-Azerbaijan Chamber of Commerce James Baker noted that even during the global recession, Azerbaijan showed positive dynamics, the export volume grew by 45%, currency reserves made $22 billion, 100 thousands new jobs were opened. Finance Minister Samir Sharifov speaking about the economic development of Azerbaijan said that the poverty rate declined from 49% to 10%, the national currency was strengthened and gold reserves reached $35 billion. According him, in 2010, over $ 15 billion were invested in the Azerbaijani economy, 60% of which falls on the government’s share. The trade turnover between Azerbaijan and the U.S. in 2010 totaled 2.3 billion USD. As to the Baku-Tbilisi-Ceyhan and Baku-Tbilisi-Erzurum projects, the Minister said that Azerbaijan will provide Georgia with additional funds for construction of a 150 km road. US Ambassador to Azerbaijan Mathew Bryza also highlighted the development in non-oil sector of Azerbaijan and successful reforms carried out in this field. The conference went on with reports on progress of the oil and non-oil sectors.