Azerbaijani-Estonian Business Forum held in Baku

29. oktoober 2007

Azerbaijani-Estonian Business Forum took place today (October 29) at Excelsior Hotel.

Minister of Economic Development of Azerbaijan Heydar Babayev, Foreign Minister of Estonia Urmas Paet, Chairman of Estonian Chamber of Commerce and Industry Mrs Merike Kompus-van der Hoeven, Chairman of Estonian-Azerbaijani Chamber of Commerce Ms Jana Krimpe, President of Export & Investment Promotion Foundation Emil Majidov, and businesspeople of both countries, reports Caspian Energy Investor. Forum participants listened to reports covering investment environment in Azerbaijan, trade and business opportunities, outlooks of cooperation between the two countries and took part in bilateral meetings. The forum hosted 75 local and 25 Estonian entrepreneurs. Speaking about forum outcomes Azerbaijan’s Minister of Economic Development Heydar Babayev said ‘Azerbaijan knows about Estonia’s higher international rating compared to the countries that receive Azerbaijani investments. As regards stability of investments, we are concerned with investing in Estonia’s economy’. Nowadays mutual investment is missing and trade turnover between the two countries is low. “In 2006 the trade turnover was USD 2mln, while in the first half of 2007 it amounted to USD 14,242mln. At the same time, we have to use available potential of mutual trade”, H. Babayev said. Within first 6 months of 2007 out of the total turnover Azerbaijani import made only USD 250,000. According to Azerbaijan’s Minister of Economic Development Heydar Babayev, Azerbaijan invites Estonian businesspeople for cooperation in the areas of construction, trade and power industry. “We do not think the Estonian business to Azerbaijan is late. Economic development opens up new outlooks. However, investing is impeded by the margin problem”, H. Babayev said. In turn, U. Paet stated importance of cooperation with Azerbaijan for Estonia.