Country invites foreign companies to privatization
Azerbaijan invites foreign companies to participate in the privatization of state enterprises and facilities.
Azerbaijan invites foreign companies to participate in the privatization of state enterprises and facilities.
Chairman of State Property Issues Committee Karam Hasanov made the remarks at the 6th meeting of privatization department heads of the Economic Cooperation Organization (ECO) members on October 26.
“In order to attract foreign investors to the privatization process, invitations were sent to many investment companies, commercial and investment banks, as well as foreign companies,” the chairman of the Committee said.
According to Hasanov, today there are ample opportunities for cooperation with foreign investors in the fields of metallurgy, chemical industry, agriculture, culture, tourism, etc.
In addition, Hasanov noted that at this stage independent appraisers are involved in evaluating state property in accordance with market principles, adding that over the past year, 1,500 state properties were privatized.
In general, for all the time, over 1.1 billion manats ($647.06 million) was attracted through investment competitions and more than 20,000 jobs were opened.
He went on to say that Azerbaijan is working to fully digitize the privatization process.
Hasanov stressed that work is underway in Azerbaijan to bring property management up to world standards.
In particular, he noted that such major projects as the creation of the Electronic Cadastral Information System, a satellite observation system aimed at ensuring more efficient use of land plots are being implemented.
The State Committee on Property Issues was established on May 19, 2009 on the basis of the relevant presidential decree.
The main activities of the State Committee are the management of state property, attraction of investments, maintenance of a single cadastre of immovable property, maintenance of a land cadastre, organization of a land market, protection and improvement of land quality.
The country launched portal for privatization – privatization.az in July 2016. The portal reflects all necessary information about the facilities, their addresses, location, and even initial cost and aims at facilitation of the process. The website is available in two languages - Azerbaijani and English. “Why Azerbaijan is special” section available on the website explains the reasons and advantages of investing in the country.
The privatization process is designed to attract both foreign and local investors, as well as develop the business environment of Azerbaijan.