President inaugurates new fishery

President Aliyev attended the opening ceremony of a new fishery in Khirdalan district of Baku Saturday, that has been built by British “Caspian Fish Co. Azerbaijan”.

In his opening remarks, Minister for State Property Farhad Aliyev said $5 billion in foreign investment had been made in the Azerbaijan economy over the last 5 years, with particular emphasis on private sector.

Director of “Caspian Fish Co. Azerbaijan” Mr. Pace said $56 million had been spent to build the factory, equip it to the latest standard and launch primary production. 800 people are employed by the factory, which produces 10 types of fish products, as well as fish flour and grease. The products will be exported outside Azerbaijan.

According to him, $31 million more will be invested in the enterprise soon, to be spent on artificial ponds, establishment of a science center and purchase of new fishing vessels.

Mr. Pace informed the President of the problems encountered by investors, saying it would be useful to equalize the rights of state-owned and private sector in fishing. He added that it was necessary to attend to the ecological problems of the Caspian and thwart poaching.

President Aliyev described the opening of the fishery as a landmark event for the country’s economy and spoke highly of the first foreign investment in the fishing sector. According to him, it is particularly commendable that launch of the factory would also provide new jobs. H. Aliyev admonished government institutions against interference with the private sector.

The President said with some regret that Azerbaijan, which used to produce up to 60,000 tons of fish products a year, has to be content with 22,000 tons at present. Criticizing the work of the state concern “AzerBalig”, he said the concern should try to radically change the situation as soon as possible.