CIS business chiefs call for a diversified economy
DUBAI: Central Asian nations require long-term strategies to diversify their economies and attract foreign private sector investments to the region, said leading entrepreneurs from the region at the Commonwealth of Independent States Global Business Forum in Dubai. Speaking at a session on 'Emerging Multinationals -- Who, What and Where Next', Mammad Karimov, founder of Khazar Ventures, Azerbaijan, said the time is right for Azerbaijan-based companies to diversify their portfolio. He said that despite challenges in areas such as logistics, legislation and recruitments, there are several success stories in Azerbaijan where companies have become major global players within a short period. "People have showed that there are new ways to do business and achieve success," he said. Aidan Karibzhanov, general director, Visor Holding, Kazakhstan, said the hydrocarbon sector with its massive assets offers opportunities in Kazakhstan.