ASSA-Irada,
12, May 2008

An international business conference entitled "European potential of Azerbaijani business" started in Baku on Monday.

Speaking at the event, Vice-President of the Azerbaijan Chamber of Commerce and Industry Mehman Ahmadov said that the Azerbaijani economy was developing rapidly over the past period. The economic growth is being observed not only in the oil sector but also in the non-oil one. "Azerbaijan's non-oil sector grew by 11% in 2007," he said.

The vice-president also stressed favorable conditions for entrepreneurial activity in the country, adding that 79,000 legal and over 260,000 physical entities are currently engaged in entrepreneurial activity in Azerbaijan.

The president of the European Lawyers' Union Joe Lemmer said that European companies 'were keeping a close eye' on economic development in Azerbaijan with the purpose of making investments in the country.

The issue on integration of Azerbaijani businessmen to Europe was discussed in the conference.

Deputy Minister of Economic Development Niyazi Safarov told reporters that the two-day conference primarily aimed to promote the expansion of Azerbaijan's business cooperation with foreign countries. "This will positively affect the access of local entrepreneurs to foreign markets," he said.

Representatives of business circles from seven European countries are attending the event organized by the Azerbaijan Chamber of Commerce and Industry and British Java Investment Management PLC.