Black Sea Trade and Investment Promotion Program (BSTIP) - a trading tool

Baku, Caspian Business News, 15 June 2007 - The Black Sea Trade and Investment Promotion Program (BSTIP) of the United Nations Development Program (UNDP) and Black Sea Economic Cooperation Organization (BSEC), co-financed by two key-countries - Greece and Turkey, aims to promote investment and trade relations between BSEC regions.

The program organizes sector-focused events, so-called 'Partnership Fora', to generate inter-regional trade and investment, creating the capacity within the Black Sea business institutions to take advantage of interregional trade and investment expansion opportunities on a permanent and sustainable basis.

In addition, the BSTIP carries out all its core-missions by supporting the development of specific tools for the promotion of networking arrangements among the business communities in the region

Besides support in establishment of investment and trade links, BSTIP expands its assistance for local micro, small and medium-sized enterprises in complying with the EU Achievement and WTO Provisions, and advocates responsible investments through the adoption of the 10 principles of the UN Global Compact.

The day's conference, held by UNDP of Azerbaijan, focused on Azerbaijan's economic growth, especially in the private sector, in combination boosting cooperation with the Black Sea Trade and Investment Program.

In his welcoming speech, Mr. Emil Mejidov, President of Azerbaijan Export and Investment Promotion Foundation (EIPF), outlined details of the BSTIP.

"The Black Sea Trade and Investment Promotion Program are co-financed by the Turkish Ministry of Foreign Affairs, the Greek Ministry of Economics and Finance, UNDP and BSEC. It is the first program jointly co-financed by the Government of Turkey and Greece under the auspices of UNDP and is also the first partnership project between UNDP and BSEC" - said Mr Mejidov.

After the brief introductory speech of the EIPF President, Mr. Bruno Pouezat, UNDP President Representative and UN Resident Coordinator in Azerbaijan, made a keynote speech highlighting the importance of BSTIP. In addition, the BSTIP carries out all its core-missions by supporting the development of specific tools for the promotion of networking arrangements among the business communities of the region. Program for economic development as the first ever private sector-driven program having a holistic approach to economic integration in the region. "The program is expected to promote regional economic development, develop trade and investment linkages between BSEC Member States with a positive impact on the reduction of poverty and to offer improved dialogue among countries in the region" - emphasized Mr Pouezat.

He added that increased trade and investment relations would be generated within the private sector of the region and new partnerships will be developed with business support organizations.

Mr Pouezat also classified the beneficiaries of the program. "The program beneficiaries will be small and medium enterprises, and the enterprises managed by young people and female entrepreneurs will have a special emphasis. And I would like to include just one thing in my speech, that the program will be implemented in cooperation with local chambers of commerce and business support organizations" - stressed the program coordinator.

Mr Pouezat evaluated Azerbaijan's active cooperation in Black Sea Trade and Investment Program, noting that Azerbaijan's share of investment per person is first rate, with the country reaching a 13th worldwide ranking. "We are much more interested in efficient cooperation with Azerbaijan. UNDP and BSEC is going to strengthen relations and partnership with the signature of an Agreement of Cooperation during a summit on 25th June in Istanbul to mark the 15th anniversary of BSEC, which is also relevant for the current Turkish Chairmanship of BSEC. The signing of this agreement will contribute to a more supportive environment for UNDP and BSEC, in partnership with others, to further pursue the promotion and implementation of regional projects as a means for regional cooperation and development.

The BSEC has been working to enlarge the economic cooperation between the countries since June, 1992. Today, the Organization has 12 member states, including Albania, Azerbaijan, Armenia, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Serbia, Turkey and Ukraine. We hope that Azerbaijan's partnership will go further among these dozen member-states" -concluded Mr Bruno Pouezat.


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