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I World Economic Forum Strategic Dialogue on the Future of the South Caucasus and Central Asia kicks off in Azerbaijan - UPDATED - PHOTOSESSION

I World Economic Forum Strategic Dialogue on the Future of the South Caucasus and Central Asia kicks off in Azerbaijan - <span style="color: red;">UPDATED - <span style="color: red;">PHOTOSESSION

08 April 2013 07:31 (UTC +04:00)

According to APA-Economics, President Ilham Aliyev attends the event.

Delivering keynote speech at the forum, the Executive Chairman of the World Economic Forum Klaus Schwab thanked Aliyev for his support in organization of the event.

Touching upon the rapid development of Azerbaijan, Schwab said favorable geographical position and highly educated work capacity of the country can be used jointly in the region. He also noted that financial, banking and construction sectors of Azerbaijan develop, too.

According to him, the purpose of the forum - to prepare a long-term scenario and support the development of the region, identify its unique opportunities.

Thereupon, a video clip on possibilities of the region was shown at the event.

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The First Deputy Prime Minister of Kazakhstan Baktijan Sagintayev spoke about economic advantages of his country: ‘Exports think that Kazakhstan is one of the countries in the CIS, which favorable for investment. 80% of foreign investments in the Central Asia falls to share of Kazakhstan. The works are being conducted in diversification of economy in Kazakhstan. We attach great importance to the development of non-oil sector’.

‘We have opportunities for joint activity in the region. Works are being carried out in the direction of reconstruction of the Great Silk Way: ‘The projects which we realize are important for development of region countries. Kazakhstan has large potential in the trade with the South Caucasus countries’.

Chairman of Russian VTB bank Andrei Kostin noted that significant growths had been observed in the economy of Azerbaijan and other countries of the region: ‘The growth in the economy approves itself more in the countries having energy sources. There are large opportunities in the region. But we have some problems in security of the region, especially military security and political extremism. At the same time, Afghanistan and Iran are located in the neighborhood’.

Kostin refuted opinions of foreign exports connected with the intention of Russia to restore the empire: ‘Contrary to the claims of some American colleagues, Russia does not intend to create a new empire. Russia has some problems in this region, including radical Islamism and drug smuggling. The Caspian Sea is also in the focus of Russia’s attention. Our economy was unique during Soviet Union Period. And also today, there are many opportunities for cooperation’.

Addressing the event, Kyrgyz Deputy Prime Minister Djoomart Otorbayev said that the gross domestic product of 5 countries of Middle Asia is less than GDP of Singapore, a small country: “Kyrgyzstan is an open country, our country is rich in natural resources. The proven gold resources are more than 100 tonnes. Kyrgyzstan became a transit country last year. ”2 highways to China were constructed. At the same time, we also support open air navigation policy.”

Noting the economic globalization and political nationalization, Turkish Energy and Natural Resources Minister Taner Yildiz said that Turkey is cooperating with Russia, Azerbaijan, Iran, and Iraq in energy sphere: ‘Despite the nature of the political regimes in Syria and Cyprus, we supply with electricity these countries. Along with energy corridor projects realized in the region, Turkey is the guarantor of a new transport corridor to be created as a result of commissioning of Baku-Tbilisi-Kars railway.’

Taner Yildiz said that Turkey has more realistic targets for 2023 and 2030. The Minister invited the participants of the event to the World Economic Forum in Istanbul.

Victor Halberstadt, Professor of Public Economics Leiden University said that the South Caucasus and Central Asia play the role of door for European and Asian countries.