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第 ３ 種郵便物認可 (1) Special Economic Reports THE JAPAN TIMES • MONDAY, MARCH 31, 2008 B1 www.panoramareports.com AZERBAIJAN PANORAMA REPORTS AZERBAIJAN One of the world’s biggest emerging markets showcases its huge potential Toward diversifi cation circles, but in society at large. Our benefi ts for everyone so we are investing substantially in irriga- With exponential growth averaging 34.6 percent, the Republic of Azerbaijan is one of the Heydar Babayev, political stance on bilateral rela- Minister of harvesting the welfare policy.” tion, land reformation, and of world’s fast-growing economies, and has enough natural resources to keep on growing. Rich tions between various countries Economic Indeed, last year’s growth course, in education.” coincide and we treat each other Development was $3,600 of GDP per capita, Azeri-Japan relations have in oil and gas reserves, and precious metals, the former Soviet republic is now one of the most as friends and equals, despite the according to Minister Sharifov. been revitalized in recent years. fact Japan is a leading economy Banking assets have gone up 50 I n F e b r u a r y, A z e r b a i j a n ’s D e p u t y attractive destinations for international business. and Azerbaijan is still small in percent on an annual basis and Prime Minister Abid Sharifov global terms. We have passed a law to allow the combined reserves of the visited Tokyo for the fi fth “I believe the country is tax incentives to facilitate this. Central Bank and Ministry of Intergovernmental Commission Azerbaijan sits on the most south- created in the past four years, now more attractive in terms Baku is the only capital on the Finance are more than $5 billion. on Economic Partnership with Ilham Aliyev, easterly border of Europe, a geo- President of most were in the up-and-coming of investments in general. We Caspian Sea with a high quality The budget for this year will Japan, where he discussed political position that makes it a the Republic of sectors of fi nance, construction, have the fi nancial resources, so of services.” focus on Defence, schools, health a wide range of cooperation natural bridge between Europe Azerbaijan telecoms, transport and tourism. what we need now is know-how, Azerbaijan’s performance in and infrastructure. “We have $3.5 matters between the two coun- and Central Asia and the Middle A state oil fund, awarded by modern technologies and profes- t he l a st 10 ye a r s h a s b e e n not h i n g billion in the capital expenditure tries including the fi nancing of East. The country’s proximity the United Nations, ensures sionalism. Japanese companies but impressive. Reeling from budget that will be directed infrastructural projects (mainly to the Caspian Sea, and its well- the trickle-down effect is well can provide all of this.” the collapse of the Soviet Union, toward the three major highways water-supply and energy) and connected, modern capital Baku, 28, Azerbaijan has important managed and transparent. Azerbaijan is now on track and a war with Armenia, the connecting Baku to Georgia and to sign a fi nal protocol. To date, makes it a convenient logistical human resources too, something “Oil does not Aliyev is keen to change the to becoming an open market, country effectively had to build Russia. I am very proud to say Japan has given Azerbaijan in hub for the region’s markets. the president is keen to exploit result in a global perception of his country, thanks to a restructured fi nan- up its economy from scratch. that fi nancing for these projects the region of $700 million in President Ilham Aliyev, who through improved education a nd which is not completely accurate, cial sector, a fl urry of privatiza- As Minister of Finance Samir will not only be provided by the loans. was elected to power in 2003, is IT development programs. “We diversifi ed he says. “Now we have achieved tions and some important invest- Sharifov points out, GDP growth Azerbaijan budget but we have Tadahiro Abe, the former committed to diverting the huge have enough oil and gas to last us development so many great things domesti- ment reforms, but Minister of in 1996 was 1.3 percent, but a sign also attracted some loans from Japanese ambassador, is proud revenues generated from the another 100 years and an infl ow of the country ca lly, it is time to invest a bit more Economic Development Heydar that things were fi nally going in international fi nancial institu- that Japanese companies were energy sector into other arms of tens of billions of dollars, in promoting the country on the Babayev, recognizes the need to among the fi rst to be investing of the economy. “Oil generates which is a great opportunity,” unless used international scene.” convince global economies like “Japanese investors can provide in the country. He says: “Japan m o n e y,” s a y s P r e s i d e nt A l i y e v. “ It he says, “Education therefore properly.” Japan, he points out, is already Japan. “We only have 15 years of highly appreciates Azerbaijan’s does not generate knowledge or receives around a billion dollars an important economic partner history, so we cannot create the services to the whole region using Baku efforts toward democratization. new jobs, and it does not result in every year. When we started this and has become one of the coun- same institutions and mentality as a center.” Since Japan is a peace-oriented a diversifi ed development of the program three years ago, we had try’s biggest investors in energy. as a developed country in one country, the main pillar for our Ilham Aliyev, President country unless used properly.” one computer for every 1,000 stu- “We have many Japanese con- day. The country, and its democ- Heydar Babayev, Minister of Economic Development foreign policy is for regional and With a population of 8.4 dents. Now we have one for every tractors here and they are very racy are very young. However, global peace, and in doing so, we million, and an average age of 29 students.” Of the 640,000 jobs integrated, not just in business the returns can be higher as it is the right direction. “Between tions on a bilateral basis, one of have been supporting various an emerging market.” 1996 and 2000, the growth which is Japan’s JBIC. countries to make an effort Babayev points to A zerbaijan’s rate was about 10 percent, and “Another priority is the toward development, social Kapital Bank: Aiming for the sky creativity as one of its major when our current president was construction of electricity cohesion and stabilization.” strengths. “Our entrepreneurs elected, it was given another generating capabilities and the Ali Abbasov, minister of com- When Kapital Bank Board C hairman Rauf Rzayev made a short pres- are creating factories and plants, boost. The core element of the rehabilitation of power transmis- munications and IT, adds: “The entation on the bank as part of a banking forum in London last year, they are very active in the agri- president’s diversifi cation policy sion lines and networks. On top key area in which the Japanese many asked him how Azerbaijan’s only remaining state-owned bank processing sectors. Foreigners is to change the conditions for of that, we signed a loan agree- can invest is with the regional had achieved so much in such a short period. “One of the drivers was are also investing a lot in this Azeris and improve the quality ment w ith the World Bank for the innovation zone project. This corporate governance, introducing 52 different procedures. The bank sector as they are the poten- of life across all spheres. improvement of the water supply will be a tax-free innovation zone went through a re-engineering process in 2004, and a new structure tial buyers of these products. “The signing of a production in small towns of Azerbaijan and where there is special protection was adopted,” explains Rzayev. There is an excellent market in agreement with a group of major are waiting on a rehabilitation of for intellectual property. We 2004 was the year Rzayev was appointed chairman, and he immediately Kazakstan and Russia for our international companies by the the water and sewage systems in would be interested in teaming began the task of transforming the bank’s work culture. The bank itself was products. Japanese investors former President Heydar Aliyev the capital. We are also support- up with Japanese companies to undergoing the most profound transformation since its foundation in 1874 can provide services to the whole in 1994 launched a new era for us. ing agriculture through special produce new high-tech products as the United Universal Joint-Stock Bank, or BUS Bank. In 2000, it was region using Baku as a center. That strategic step increased the incentives to farmers. We are in bio- and nanotechnology.” merged with three other state-owned banks and re-branded as Kapital Bank in 2005. Although the bank is still fully state-owned, an offi cially approved privatization process has been under way since March 2005. “Our bank is in the process of privatization,” says Rzayez. “To develop market relations in the banking sphere, the president of Azerbaijan signed a decree to reduce the number of shares in the ownership capital belonging Open and reliable bank to the state by 50 percent in Kapital Bank.

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