Meeting with Minister of Economy of the Republic of Azerbaijan, Mr. Mikayil Jabbarov
Within the framework of the meeting, held in the form of a video conference jointly organized by the Azerbaijan Export and Investment Promotion Fund (AZPROMO) and the American Chamber of Commerce in Azerbaijan (“AmCham” Azerbaijan), the Minister of Economy Mikail Jabbarov gave detailed information about the favorable business and investment environment created as a result of systematic and consistent reforms carried out in Azerbaijan under the leadership of President Ilham Aliyev and shared information on the work done to attract foreign investment. Mikail Jabbarov noted that this event has become a favorable platform for the exchange of views on the prospects for developing business relations, and also noted the efficiency of “AmCham Azerbaijan” activity in developing economic partnership between our countries. Speaking about economic cooperation with the United States, the minister said that Azerbaijan is interested in developing trade and economic relations with the United States, and important steps are being taken to expand this cooperation. It was noted that 257 US companies operate in various sectors of the economy of Azerbaijan, including industry, agriculture, construction, customer services and others. Our countries also successfully cooperate in the field of investment. The volume of US investments in Azerbaijan in the oil and gas sector of the economy amounted to $ 12.8 billion, reaching a total of $ 14 billion. Thus, the United States is the second largest investor in Azerbaijan. Touching upon the new Law of the Azerbaijan Republic “On Investment Activity” which was developed taking into account the experience of foreign countries, current trends in investments and the practice of investment agreements, as well as the views of experts from the International Finance Corporation, the Minister of Economy noted that “AmCham Azerbaijan” also made a significant contribution to this process. Commenting on the negative effects of the coronavirus pandemic (COVID-19) on the economy, Mikayil Jabbarov noted that our people demonstrated unity and solidarity with the state in the fight against the spread of infection. The minister noted that the Azerbaijani government promptly responded to the pandemic and the global crisis and took urgent and systematic measures to maintain economic and macroeconomic stability. It was noted that in addition to steps taken to protect human health, according to the approved Action Plan on reducing the negative impact of the coronavirus (COVID-19) pandemic, measures are being taken to provide financial support to affected entrepreneurs and employees, protect jobs and strengthen social protection of the population. One of the main goals for the post-pandemic period is the introduction of a new model of economic growth. The development of the construction, mining, petrochemical industry, digital economy, transportation, trade and logistics, telecommunications, agriculture and processing industry, as well as tourism are one of the priority areas in Azerbaijan. The Minister of Economics invited US companies to consider investment opportunities in these areas. Along with these measures, Azerbaijan plans to expand the mechanisms of public-private partnership on a number of projects, including infrastructure, which can create favorable conditions for expanding relations with investors. Mikayil Jabbarov also mentioned that the digitalization of the economy in Azerbaijan has been set as a long-term goal. In this regard, the Minister pointed out that the creation of a branch of the Davos World Economic Forum's Fourth Industrial Revolution Center in Azerbaijan is of particular importance and emphasized the willingness of Azerbaijan to cooperate with the United States in creating a digital economy. Stating that his country attaches great importance to the development of relations with Azerbaijan, the US ambassador to Azerbaijan, Lee Litzenberger, noted the successful economic policy of Azerbaijan, the significance of reforms to further improve the business and investment climate, and the country's attractive tourism resources. He also shared his thoughts on the issues of combating the pandemic and expanding cooperation in various areas of the economy. Issues of business interests were discussed during the meeting and the participants answered the relevant questions.
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BFI Committee`s February Meeting
On February 6, AmCham hosted BFI Committee`s Meeting.BFI Chairperson, Mrs. Aytan Rustamova, opened the meeting by welcoming members, guest speakers Sanan Hasanov (Demir Bank) and Nazim Mammadov (Alliance Group LLC) as well as informing the committee members on the achievements & challenges of the past year.Within the first part of the meeting Committee Chairperson passed the floor to the guest speaker of the meeting, Mr. Sanan Hasanov, the representative of Demir Bank who delivered a report on “EnergoCredit”, the collaborative project of European Bank for Reconstruction and Development (EBRD) with Demir Bank. The presentation was followed by Q&A session.Short bio of our guest speaker:Mr. Hasanov holds a master of Finance from Azerbaijan State University of Economy. He is currently working for DemirBank OJSC as Marketing Director. He has more than 10 years experience in banking sector in Azerbaijan. He has managed and implemented many local and international projects.During the second part of the meeting Mr. Nazim Mammadov, representative of Alliance Group LLC has delivered a presentation on “Case studies from Georgia on EnergoCredit project”. The presentation was followed by Q&A session.The Committee meeting finished by networking and one-to-one conversations.
BFI Committee`s March Meeting
On March 16, AmCham hosted BFI Committee Meeting.BFI Chairperson, Mrs. Aytan Rustamova, opened the meeting by welcoming committee members and guest speaker – Mrs. Julie Nutter, Director of the Office of Sanctions Policy and Implementation in the Department of State’s Bureau of Economic and Business Affairs.Within the first part of the meeting, Mrs. Julie Nutter delivered a very informative speech on “US Policy & Sanctions on Russia and Iran” followed by Q&A session.During the second part of the meeting, Mrs. Nutter introduced Mr. W. Stuart Huffman, Foreign Service Officer of the Office of Sanctions Policy and Implementation, who joined her during the Q&A session.Short bio of our guest speaker:Julie Hagarty Nutter is the Director of the Office of Economic Sanctions Policy and Implementation (SPI) in the Department of State’s Bureau of Economic and Business Affairs (EB). Prior to her current posting, she was the Economic Minister-Counselor at the U.S. Embassy in London. From 2005 to 2008, Ms. Nutter was the Director of the Office of Development Finance in the Economic, Energy, and Business Affairs Bureau. She previously served as the Economic Counselor in the U.S. Mission to the European Union in Brussels. During her Brussels tour, she volunteered for an Iraq Provincial Reconstruction Team Leader position and spent seven months in Iraq, mostly in Basra, working to improve governance capacity at the provincial level. In earlier jobs, she headed the Ukraine desk of the State Department in the run-up to the Orange Revolution, worked closely with other donors on G-8 and Balkan reconstruction issues, and did political and economic reporting during the Liberian civil war. Ms. Nutter has a Masters’ degree in National Security Resource Strategy from the National Defense University and a Masters’ degree in International Economics from Georgetown University. She has two daughters, and grew up in Philadelphia, Pennsylvania.
BFI AND CSR COMMITTEES` JOINT MEETING
On May, 18, AmCham hosted BFI and CSR Committees` Joint Meeting.Mrs. Nargiz Nasrullayeva-Muduroglu opened the meeting by welcoming participants as well as introducing Mrs. Natavan Mammadova as the newly appointed Director of AmCham Azerbaijan. Afterwards, she passed the floor to Mrs. Ayten Rustamova, Chairperson of BFI Committee, who introduced guest speakers to the audience – Mrs. Gwen Burchell, Director of United Aid for Azerbaijan (UAFA) and Mrs. Natavan Hasanova, researcher of Strategic Research Center of AR (SAM).During the first part of the meeting, Mrs. Burchell informed the participants of the meeting about UAFA and its activity. Afterwards, she passed the floor to her colleague – Mr. Saleh Nasirov – who provided the detailed information about the activity direction of UAFA, particularly pre-school educationm reabilitation centers and social support and also, creation of educational systems in four regions of Azerbaijan. Moreover, Mr. Nasirov presented a video clip about Child Development Center in Baku established by UAFA.Within the second part of the meeting, the floor was passed to Mrs. Natavan Hasanova who delivered a presentation on “Research Results on Corporate Social Responsibility at Azerbaijani Banks”. Along with the report on local activities, Mrs. Hasanova provided very thorough information on CSR activities in different countries (USA, China, Japanm Germany, Italy, Australia).In the end of the meeting, Ms. Aynura Piriyeva, Chairperson of CSR Committee, announced the organization of CSR Excellence Award in cooperation with P. World on October 1, 2.