Business

STEEL WORKS OPENS IN BAKU

The first steel works of the "Baku Steel" company was opened in Baku, as President Aliyev attended its inaugural ceremony Saturday.

Addressing the ceremony, President Aliyev spoke highly of the investment made by the joint US-British venture in Azeri economy. The President reiterated that Azerbaijan has all favorable conditions for foreign investors, who are under regular state attention.

The President of "Baku Steel" Paolo Perviz termed the opening of the plant as the beginning of metallurgy renaissance in Azerbaijan. Steel industry can not but thrive without state support, he said, highly appreciating the Azerbaijan government's care and attention in the reconstruction of the works.

The works was set up in lieu of the "Bakelektrogaynag" joint venture with the investment of $50 million made in reconstruction operations, also joined by 43 local companies and 500 national specialists.

The plant is expected to manufacture high-grade steel reinforcements not just for Azerbaijan, but also neighboring nations.

Also taking part in the opening ceremony were government officials and foreign diplomats.

SPEARHEAD EXHIBITIONS DIRECTOR COMMENDED

Executive director of the Spearhead Exhibitions Susan Crouch has been awarded the honorary title of the "Envoy of the British Empire" for her services in encouraging exports. The company's Baku office told AssA-Irada Monday that Mrs. Crouch named the Caspian Oil and Gas conferences in Baku as one of the most attractive and prospective arrangements.

Starting 1994, Spearhead Exhibitions has been organizing Caspian Oil and Gas exhibitions in Baku. The latest such show was joined by 337 companies representing 25 countries.

WB APPROVES $5MLN CREDIT TO SUPPORT HEALTH PROJECT

The World Bank yesterday approved a USD 5 million equivalent credit to finance the Health Reform Project for Azerbaijan. The project would be a Learning and Innovation Loan (LIL), with a strong emphasis being placed on learning from the experience of this first phase of IDA support to the health sector in Azerbaijan. The project will be used to build support and momentum for a further phase and expansion of the health reform program in the country.

The project includes capacity building for health policy reform, district level primary health care reform, project coordination and evaluation.

The total cost of the project is $5.5 million, including the $0.5 million contributed by the Government of Azerbaijan. The credit will be disbursed on standard IDA terms. Since Azerbaijan joined the Bank in 1992, commitments to the country total over $400 million for more than 15 projects.

COCA-COLA CONTROLS GAS WATER MARKET

The Coca-Cola Company currently controls more than half of Azerbaijan's gas water market and is planning on the production of new types of drinks in the near future. According to the regional representative of The Coca-Cola for Azerbaijan and Central Asia Mr. Ilgar Rustamov, this does not at all mean that the company has monopolized the market.

He added that Coca-Cola would no longer be produced in plastic and glass bottles, but in metal cans. According to I. Rustamov, more than 1 billion Coca-Cola cans are sold in the world every day.