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CIIC shareholders: Tariffs and duties should be cut to attract foreign investors to Azerbaijan

19 October 2009 16:41 (UTC +04:00)

Baku. Nijat Mustafayev - APA-ECONOMICS. The Caspian International Investment Company (CIIC), established by the Azerbaijan Investment Company (AIC) and Islamic Corporation for Development (ICD), held a press conference in Baku.

Khaled M. Al-Aboodi, the Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector, said the joint venture seeks the development of non-oil sector in Azerbaijan.

AIC Executive Director Afgan Isayev briefed the guests about the economic performance of Azerbaijan, saying the non-oil sector has reached 85% of GDP.

CIIC Executive Director Togrul Kocharli spoke about the projects financed.

In his words, it is planned to increase the companyâ€™s capital from AZN 23 million to AZN 55 million gradually.

Then, representatives of companies which hold stakes at the CIIC (Tanmiyat Group (UAE), Al Ahmar Group (Yemen) and Aref Investment Group (Kuwait) said that the CIIC mainly finances sharia-compliant projects such as agriculture, real estate, logistics, etc.

Hamid al Ahmar, head of Al Ahmar Group, advised Azerbaijan to pay more attention to the development of the banking system, as well as reducing tariffs and duties to attract foreign investors.