Kuwait, Azerbaijan seeks to improve economic ties
Kuwait Times
May 16, 2005
KUWAIT:
“Lets talk about our poor country’s relation economically,” stated
Salah Al-Fahad Al-Marzouk, Kuwait Chamber of Commerce and Industry
(KCCI) honorary treasurer, as he welcomed trade delegations from
Azerbaijan at their headquarters in Kuwait City yesterday. Al-Marzouk
admitted Kuwait and Azerbaijan’s poor economic relations, but hoping
to improve them especially after the visit of Azerbaijan’s deputy
minister to Kuwait. “This is the right time for the two countries to
sit-down and discuss efforts of strengthening our ties economically.
Your visit is a welcome sign for this chamber and we are hoping to
open doors of opportunity for both us. Forget our government, we are
here to talk as private individuals and members of business
community,” he said. Acknowledging Al-Marzouk statement, Mikayil
Jabbarov, Azerbaijan Deputy Minister said, “We are here to present our
vast economic opportunities available for foreign investors. We are
happy that from today we would be able to share and exchange ideas
with you about our business community and yours as well,” Jabbarov
started his presentation by introducing his country’s geographical
location, the state of economy and what government has done to welcome
foreign investment. Azerbaijan’s economy is largely based on
industry. Jabbanov spoke about industries like machine building, oil
and other mining, petroleum refining, textile production, and chemical
processing. He also discussed diversification of its economy from old
style to allowing direct foreign investments to flow.
The agriculture sector accounts to at least one-third of Azerbaijan’s
economy. Most of the nation’s farms are irrigated. In the lowlands,
farmers grow such crops as cotton, fruit, grain, tea, tobacco, and
many types of vegetables. Silkworms are raised for the production of
natural silk for the clothing industry. Azerbaijan’s herders raise
cattle, sheep and goats near the mountain ranges. Seafood and fish are
caught in the nearby Caspian Sea. Azerbaijan has a highly dynamic
economy, mainly because of oil, and has a GDP growth of up to 11 per
cent a year.
Azerbaijan is a country in the Caucasus, in the crossroads of Europe
and Southwest Asia, with an east coast on the Caspian Sea. It borders
Russia on the north, Georgia and Armenia on the west, and Iran on the
south. The Nakhichevan Autonomous Republic (an exclave of Azerbaijan)
borders Armenia on the north, Iran on the south, and Turkey on the
west. The country is formally named the Republic of Azerbaijan.
Azerbaijan is a secular state, and has been a member of the Council of
Europe since 2001. The majority of their populations are Muslim of
Turkic descent. The country is formally an emerging democracy, however
with strong authoritarian rule.