Mikayil Jabbarov: Azerbaijan interested in cooperation with Slovakia in investment

Azerbaijan is interested in cooperation with Slovakia in the sphere of investment, Azerbaijan's Minister of Economy Mikayil Jabbarov said, speaking at the opening of the Azerbaijan-Slovakia business forum.

Report informs that addressing the representatives of Azerbaijani business circles, the minister said: "We support your active investments in Slovakia and during the business forum, my colleagues will share information on how we may co-invest if needed. We have development tools, a state-owned investment company, soft launch and a number of other means to support your joint investments. We are extremely interested in technological transfers in joint venturing," he said.

The minister recalled that Azerbaijan is pursuing a rather conservative macroeconomic policy, taking a cautious approach to borrowing and prioritizing cost savings.

"We go with so called budget rule and as a result of that we have accumulated pretty high foreign currency reserves, almost in the volume of annual GDP of the country. We have very low debt level and very predictable exchange rate policy, including the predictability on taxation policy and customs policy. We also do not shy away from providing significant incentives for domestic investments because our main purpose, as we see it, is to diversify our economy by adding new elements via mainly industrialization," the minister said.

Jabbarov noted that Azerbaijan uses its geographic location to ensure transportation, as well as transit and logistic services.

"We similarly have established economic zone, which is a, I would say world class economic zone, especially interesting for those companies who would like to have the footprint extended beyond Azerbaijan to the Caucasus region or to the Central Asia. It provides basically for free-of-tax treatment," the minister said.