Azerbaijan prepares to improve privatization process

Azerbaijan prepares to improve privatization process
Baku hosts working forum Investments in Privatization: New Opportunities & Challenges

Baku. 15 February. REPORT.AZ/ “As a result of privatization of public property private sector created over 300,000 jobs”

Report informs, Chairman of State Committee on Property Issues (SCPI) Karam Hasanov told at the working forum “Investments in Privatization: New Opportunities & Challenges” organized by the Committee in Baku.

Head of committee told that over 250 thousand people became shareholders as a result of privatization: “Azerbaijan started broad privatization of state property. We have some achievements during past period. About 1.2 million people somehow took benefits of privatization. Investors from USA, United Kingdom, France, Switzerland, Turkey, Germany, Russia, China, Finland and other countries took part in privatization”.

“The Committee sets stimulation of economic activity within limits of its competency as main objective. During past period, the Committee carried out privatization of number of well-known enterprises operating in agriculture, construction, industry and other fields. At the same time, SCPI carried out privatization process of Azerbaijan’s famous pearls - Fairmont Hotel and Hilton Baku networks. Committee has prepared new proposals to improve privatization process. These proposals have been sent to other organizations that we cooperate with. I invite local and foreign businessmen to take more active part in privatizations,” K.Hasanov added.

Notably, the main purpose of the forum is to inform business entities operating in Azerbaijan on the process of state property privatization, fields currently open for privatization, new privatization approaches and investment climate in the country, and to stimulate them to take practical steps for more expansive participation in the process. More than 100 businessmen, advisors, property specialists, representing biggest and influential holdings, associations, groups and unions of companies of the country attended the event. 

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