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GERMAN-AZERI INTERGOVERNMENTAL TALKS EXPECTED
By Anar Jabrayilli Azernews Staff Writer
The weeklong visit of economic experts from Germany was completed Sunday. The visit aimed to lay groundwork for German-Azeri inter-governmental negotiations in Bonn, Germany, on October 23-25, where the parties will focus on cooperation opportunities in various areas of development. Also under consideration on the initiative of the German government will be cooperation with other Caucasus nations.
The German delegation, which included representatives from the Crediting and Reconstruction Bank and the Association for Technical Cooperation, held talks with high-ranking government officials and became familiar with the implementation of cooperation projects in Shaki, Mingachevir, Imishli, and Agjabadi during the visit that started on September 9.
German grants
The German government plans to allot $6 million in grants to Azerbaijan to boost its energy system and to construct new runways at Bina Airport. This was in the focus of negotiations between the Azerbaijan government and a German delegation, which included experts from the Ministry of Economic Cooperation, KFV Bank and the Association for Technical Cooperation. The experts held meetings at the ministries of economic development and finances. The visit is expected to last till September 16.
German investment
The German government and companies have invested over DM300 million, or USD140 million, in Azerbaijan since the country attained its independence. The half of the money is direct investments, while other funds were allotted through joint ventures and international organizations, a source from the German embassy in Baku told Azernews Tuesday. Moreover, some German companies are attending to humanitarian activities in the country, the source said.
German businessmen who visited Azerbaijan this summer are expected to choose new areas of cooperation the investment volume is presumed to soar following the upcoming intergovernmental talks in Bonn on October 23-25.
USD RATE AGAINST AZM STILL STABLE
Like in other world countries the rate of Azerbaijan Manat has risen against US Dollar following the recent terror attacks in the US. However, the ratio is expected to return to its previous level, says chairman of the economic commission of the Musavat party Gubad Ibadoglu.
According to him, no sharp changes in USD rate may be in store viewing the intervention of the National Bank and the Azerbaijan Government in the currency market.
PNIA member Prof. Nazim Imanov says that the recent developments would not bring about sharp switches. "Activity of the US economy has just weakened. Thus, the slide in the Dollar rate should be considered something natural. Moreover, the National Bank will not admit any panic buying in sales and purchase of USD", he said.
1 USD has been traded at around AZM4690 for the last two days at Baku Interbank Currency Exchange.
ARMENIAN DIASPORA INVESTS IN GARABAGH
Another diamond-cutting enterprise is likely to appear in the Armenia-occupied Upper Garabagh. The idea has been initiated by the Urartu plant, which resumed its operations in Garabagh in 1998.
According to the ArmInfo news agency, diamond deliveries to the plant are being made by "Backes and Strauss" and "Izumi Trading N.V." represented in Garabagh by Belgian national Vardges Gnajian. After being processed and polished to world standards, diamonds are exported to various world countries.
Forty people are currently employed at the plant.
CASPIAN FORUM EXPECTED
A forum, "Development of the Caspian region via border cooperation and dialogue", is due in Derbend, Russia, on the initiative of the Russian government. The forum will focus on cooperation in commercial, economic, social, political, humanitarian, and other areas.
Attending the event will be government officials, parliamentarians and NGOs from the Caspian nations.
GERMAN COMPANY TO BUILD FISH-BREEDING FACTORY
German Ferrostaal in alliance with the "AzerEnerjiTikintiGurashdirma" joint stock company has won a tender for construction of a fish-breeding factory in Neftchala. The implementation of the project, which totals $6 million, is expected to start in October and last for ten months. The factory will breed 15 million sturgeons, a Cabinet source told Azernews Friday.
SLEEPER PRODUCING WORKS TO BE BUILT IN BAKU
Turkish Tapa is expected to start constructing a plant producing railway sleepers In Baku in October this year. The works is planned to manufacture 150,000-200,000 sleepers using German technology. Tapa is expected to allot $2 million for the construction of the plant and its equipment.
The plant will come on line in Decembers.
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Issue No.N-38 (220), 2001
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