The Lord Mayor of London calls on to develop the capital market in Azerbaijan
Azerbaijan's economy is going through an uneasy period, and only is coming out of the shock caused by the fall in oil prices. The City of London is ready to assist in the development of the financial system, stated Lord Mayor of the City of London, Alan Yarrow at today's press conference in Baku.
"We are monitoring the situation and will support the development of the economy," he said. According to Yarrow, a drop in oil prices will encourage the producing countries to accelerate economic diversification.
What kind of particular assistance can City provide to Azerbaijan? Answering this question, the Lord said that the assistance can be in the form of training experts, exchange experiences, promoting the development of the capital market and its global integration.
"Local businesses should be able to obtain the financial resources not only from local banks, but the external sources and the capital market should be integrated into the global system," said Yarrow.
The experience of the crisis of 2008-2009 showed that the countries with developed capital markets such as the US, Britain and others quickly and successfully overcame the economic decline. Those who count on the internal financing, slowly overcome the crisis.
Diversification of economy, the increase of transparency, improving the tax and legal systems will make Azerbaijan's economy more attractive in the international arena, says Yarrow.
Asking the question if Turan raised during the meetings of the Lord in Baku the issue of criminal charges of tax evasion the British organization Oxfam and a number of commercial structures of the country, Yarrow gave a negative answer.
However, he said that the issues of business transparency, dispute settlement and other tax forecasting he discussed "in the broader context." The Lord Mayor spoke about it with the president of Azerbaijan, minister of economy and industry, finance, leadership of SOCAR and SOFAR, and SSC.
Turan has learned from reliable sources, that Yarrow had discussed in Baku the further fate of Oxfam. At the same time, representatives of official Baku promised not to interfere with the future work of the NGOs, but on certain conditions.
Maybe you are interested in: