London Lord Mayor eyes business co-op in Baku

London Lord Mayor Michael Oliver visited Baku last week to explore ways of boosting business ties with Azerbaijan.

"This visit aims to find out how London City can help develop mutually beneficial dealings with Azerbaijan", he commented. He highly appreciated Azerbaijan’s economic performance, ranking it among the most important and dynamic economies in the Caucasus.

Leading a British delegation also comprising 10 businessmen, Mayor Oliver was speaking to a roundtable organized by the British embassy at the Hyatt Regency Hotel to discuss Azerbaijan's investment opportunities.

During the five-day visit that started Wednesday, the Lord Mayor met with President Aliyev, the Minister for Economic Development Farhad Aliyev, Executive Director of the State Oil Fund Samir Sharifov, the Minister for Finance Avaz Alakbarov and Baku Mayor H. Abutalibov.

The Baku investment roundtable with members of the Azerbaijan government, financial and banking experts and European Union TACIS advisers focused on attracting foreign direct investments, pension provision, consultancy and insurance.

Addressing the roundtable, British ambassador Andrew Tucker said the event was related to the visit of London Lord Mayor.

The British visitor informed the audience of London's financial district and its biggest financial center.

"All the world's leading banks are represented in the City to perform their financial operations", he indicated. A member of the delegation, Bering Asset Management President Nick Davidson said his company ran assets in markets of shares and bonds on behalf of physical and legal entities worldwide. Its custom includes pension funds, government agencies, corporations, banks, etc. He voiced interest in working in Azerbaijan.

Touching upon a noteworthy background, Mr. Davidson said his grandfather had been in Azerbaijan as a journalist 85 years before, covering movement of British troops into Baku. The roundtable was then continued without media access.

Oil office in London

The City of London, which already accommodates offices of Norwegian and Kuwaiti oil funds, may also be a place for a new branch of the Azeri State Oil Fund soon. The issue was in focus in a meeting between the Fund’s Executive Director Samir Sarifov and the Lord Mayor, who also mulled possible training of Azeri personnel. The two centered on S. Sharifov's recent visit to London to discuss financing of the Baku-Tbilisi-Ceyhan with the Sponsor Group and international financial consultants. Mayor Oliver also met with Baku Mayor Hajibala Abutalibov to focus on cooperation between the two capitals and exchange experience in various areas of urban economy.