Telman Aliyev: We should allow Azerbaijani companies to 'float freely'

Baku. 14 November. REPORT.AZ/ "If the introduction of reforms, which started in autumn of the last year, continues in the same way it will help to shortly solve the majority of problems troubling the business."

Report informs, Telman Aliyev, First Vice Chairman and Chief Executive Officer of theCaspian European Club (Caspian Business Club) told.

T.Aliyev said that since the fall of the last year Azerbaijan and Caspian European Club have been experiencing a very interesting historical moment: "The purposes pursued while creating the Club far back in 2002 are now gaining a new impetus for development. Serious economic reforms are being introduced in the country under the leadership of President of the Republic of Azerbaijan and Chairman of the Caspian European Club (Caspian Business Club) Ilham Aliyev. They are already yielding certain results. We see and hear it from our foreign partners in 50 countries of the world, who are optimistic, aspire to establish their business here, engage actively in running processes, make investments and find partners in Azerbaijan. Apart from this, they offer their services for introducing Azerbaijani brands at global markets."

According to him, it made Azerbaijani companies more confident: "The pressure and negative moments, which Azerbaijani companies faced for several years, receded into the background. The Head of State set his control over all these processes and we find it very important that on the threshold of our anniversary the Chairman of the Club, who initiated our activity and the Club itself, provides much broader support to the mission that was assigned to the Caspian European Club (Caspian Business Club) from the very beginning.

Chief Executive Officer noted that results gained this year are very good: "Companies are quite optimistic. There are still many problems left but we are confident that if the introduction of reforms, which started in autumn of the last year, continues in the same way it will help to shortly solve the majority of problems troubling the business. I also would like to draw your attention to the fact that pressing problems discussed in 2002, 2005 and 2010 find their solution nowadays. That is to say, the further we and the government agencies go forward, trying to solve certain problems and considering suggestions of the business within the framework of certain business forums, round tables or working groups, the higher gets the number of problems to which the business has not paid attention before. But life goes on and technologies keep developing. There are very many changes that have to be made in the legal framework. In particular, many changes have to be made in the tax, customs, labor and migration codes within the framework of new reforms. The legislation has a lot of gaps hindering development of certain business areas. There is a big need to reform a judicial system which will give a strong impetus in solution of many disputable conflicts between the economic entities.

T.Aliyev noted sending a package of proposals to Ilham Aliyev in the first half of 2016: "We extend our gratitude to President of Azerbaijan Mr. Ilham Aliyev for acceptance of the majority of our suggestions. Owing to these suggestions, the private sector will be able to increase its share in budget supply and demonstrate good results in creation of new working places and production of competitive products.

He stressed that the major recipe for handling the crisis is the reforms which were announced and implemented by President Ilham Aliyev: "Support and stimulation of the private, real sector of economy, certain liberalization of the market, privatization of state companies, stimulation and attraction of the foreign capital, development of the small and medium business. We should allow our companies to float freely. They will manage to choose the way they need on their own as Azerbaijan was located in the center of intersection of the global trade routes from olden times and the entrepreneurship runs in the blood of our people. Some of them will face bankruptcy or be absorbed by the market, but most of the state and private companies have all chances to become companies of regional importance or even one of top 100 global corporations in terms of key exchange figures. Therefore, I think we should slightly transform the investment legal and institutional framework (this work is already underway), carry out proper risk assessment, marketing surveys, choose perspective segments of the market and enter global stock exchanges by using the experience of investment funds which have been long familiar to us.

Т.Aliyev spoke about organization of the 4^th International Caspian Energy Forum Baku – 2017 by the Caspian European Club (Caspian Business Club) and Caspian Energy International Media Group,  to take place on March 15, 2017 and participation of 300 up to 500 delegates who will represent different sectors of economy: "President of the Republic of Azerbaijan and Chairman of the Caspian European Club (Caspian Business Club) Ilham Aliyev is expected to attend the forum where an international prize Caspian Energy Award - 2016 will be presented to him in the nomination “Reformer of the Year”. In general, this forum will be dedicated to the preliminary results of the reforms which are implemented in Azerbaijan."