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IDB holds conference about development of business and investment in CIS countries

21 June 2010 10:42 (UTC +04:00)

Minister of Economic Development Shahin Mustafayev spoke about the economic development of Azerbaijan and said the $80 bln was invested in Azerbaijan. â€œAzerbaijanâ€™s economy grew by 2.8 times, state budget by 7 times, foreign trade turnover by 2.7 times, more 840 000 work places were launched.â€
The GDP was 9.3% in Azerbaijan in 2009. Positive balance of foreign trade turnover made $ 8.6 bln, currency stocks exceeded the foreign state debt by 6 times. Populationâ€™s incomes rose by 8%, retail commodity circulation by 10%, level of inflation stood at 5%. 85% of GDP was created by private sector. Non-oil sector rose by 1.9 times.
Azerbaijan signed contracts with 40 countries about the elimination of double taxation and holds talks with 14 countries.
Dr. Ahmad Mohamed Ali. President, Islamic Development Bank, noted that, development of business and trade in Islamic countries is very important. At the same time, the relations have to be more extended. IDB is ready to finance the projects of its member countries.
The conference will be finished tomorrow. More 300 local and foreign businessmen participate in the conference.