Newsroom
OSCE Office in Baku holds conference on leasing development in Azerbaijan
BAKU 6 May 2004
BAKU, 6 May 2004 - Over 200 local and international specialists will discuss country's leasing services market and strategies for promoting in Azerbaijan, at a two-day international conference which opened today in Baku.
"In Azerbaijan and other countries in transition, leasing can have a tremendous impact on economic growth," said Ambassador Peter Burkhard, the Head of the OSCE Office in Baku, opening the conference.
"Though much over-stated, it is necessary to remember that economic development outside the fields of oil and gas is a key to the economic stability of Azerbaijan and it depends greatly on access to capital, loan credits, and transparent banking and legal systems."
The event brought together international and Azerbaijani institutions engaged in leasing activities to discuss problems and perspectives in this field as well as to elaborate the ways for attracting local and foreign investors in this sector.
Topics include financial aspects of leasing, development of the financial services market in Azerbaijan, and taxation of leasing transactions. The participants will also discuss recent changes to the legal framework that have positively affected the development of leasing sector in Azerbaijan.
Farhad Aliyev, Azerbaijani Minister of Economic Development, emphasized the positive impact of leasing activities on reduction of poverty and socio-economic marginalization in Azerbaijan.
"All actions taken to build a healthy leasing industry in Azerbaijan will result in more competitive and innovative market, developed small and medium-sized enterprises, job creation and most importantly in poverty alleviation," he said.
Ambassador Burkhard said special attention should be paid to issues that hamper the economic development in Azerbaijan: "If corruption and commercial monopolization continue to thrive throughout the country, then despite all innovative steps in the field of leasing and no matter how innovative the policy on paper, all of the latest financial instruments will not promote economic development" he added.
"My Office stands ready to assist the Government of Azerbaijan in addressing these important issues, combating corruption on every level and implementing legal reform into life," he added.
The International Conference on Leasing Development is organized by the OSCE Office in Baku, in co-operation with the International Finance Corporation (IFC), the Ministry of Economic Development and Swiss State Secretariat for Economic Affairs.
Representatives from the Azerbaijani Government, National Bank, IFC, European Bank for Reconstruction and Development, and experts from Central Asia, Russia, Switzerland and Turkey presented their vision on the positive impact that leasing activities could have on the economic situation in Azerbaijan, on future development of this sector and its promotion among various stakeholders.
"In Azerbaijan and other countries in transition, leasing can have a tremendous impact on economic growth," said Ambassador Peter Burkhard, the Head of the OSCE Office in Baku, opening the conference.
"Though much over-stated, it is necessary to remember that economic development outside the fields of oil and gas is a key to the economic stability of Azerbaijan and it depends greatly on access to capital, loan credits, and transparent banking and legal systems."
The event brought together international and Azerbaijani institutions engaged in leasing activities to discuss problems and perspectives in this field as well as to elaborate the ways for attracting local and foreign investors in this sector.
Topics include financial aspects of leasing, development of the financial services market in Azerbaijan, and taxation of leasing transactions. The participants will also discuss recent changes to the legal framework that have positively affected the development of leasing sector in Azerbaijan.
Farhad Aliyev, Azerbaijani Minister of Economic Development, emphasized the positive impact of leasing activities on reduction of poverty and socio-economic marginalization in Azerbaijan.
"All actions taken to build a healthy leasing industry in Azerbaijan will result in more competitive and innovative market, developed small and medium-sized enterprises, job creation and most importantly in poverty alleviation," he said.
Ambassador Burkhard said special attention should be paid to issues that hamper the economic development in Azerbaijan: "If corruption and commercial monopolization continue to thrive throughout the country, then despite all innovative steps in the field of leasing and no matter how innovative the policy on paper, all of the latest financial instruments will not promote economic development" he added.
"My Office stands ready to assist the Government of Azerbaijan in addressing these important issues, combating corruption on every level and implementing legal reform into life," he added.
The International Conference on Leasing Development is organized by the OSCE Office in Baku, in co-operation with the International Finance Corporation (IFC), the Ministry of Economic Development and Swiss State Secretariat for Economic Affairs.
Representatives from the Azerbaijani Government, National Bank, IFC, European Bank for Reconstruction and Development, and experts from Central Asia, Russia, Switzerland and Turkey presented their vision on the positive impact that leasing activities could have on the economic situation in Azerbaijan, on future development of this sector and its promotion among various stakeholders.