International Investment Bank looks into investment opportunities in Azerbaijan

The World Bank has reported that Azerbaijan is the fastest growing economy with average growth exceeding 30% in the last three years. The country has achieved rapid growth for several consecutive years starting in 1996 mainly as a result of an increasingly more transparent and supportive business environment.

Saeed Abdul Jalil Mohammed Al Fahim congratulated the President for this spectacular achievement and explained

"Azerbaijan is a very attractive market. Its proximity to CIS countries, Turkey and Iran, growing neighboring markets such as Kazakhstan, quality of human resources, supportive government attitude to private sector and foreign direct investment make it an ideal place for investors seeking to diversify and penetrate this emerging region. It is my first visit to the country and I was very impressed by the rapid development."

Mr. Al-Zeera added, "IIB is currently studying several highly promising opportunities and soon will announce attractive opportunities in Azerbaijan. I have visited the country more than once and had the opportunity to meet with several private groups and institutions that have presented potential areas of cooperation that we are studying closely. As a bank, we are working hard to penetrate new attractive markets and offer innovative investment opportunities to our investors."

The country is receiving a lot of attention at present, resulting from efforts made by the government of Azerbaijan under the leadership of Mr. Aliev to diversify its economy, establish a stringent regulatory framework and improve its risk rating, providing comfort to foreign investors. Azerbaijan is emerging as a business hub in the Balkans and CIS countries for many foreign investors in particular those from the GCC targeting that region. The country has signed bi-lateral and multi-lateral trade agreements that give access to several markets, which have attracted many investors to base their activities in Baku.

IIB announced earlier in the year the acquisition of an equity stake in Amrahbank, its first investment in the country. Amrahbank is one of the fastest growing private sector commercial banks.

"We continue our strategy of diversification across sectors and geography. This investment provides us with an investment platform through which we can channel more money from the GCC into other sectors, such as real estate and private equity in Azerbaijan and later in the CIS region," concluded Mohamed Hedi Mejai.