Turkish State Minister: Caspian Sea region very attractive for investments

Istanbul, Turkey, Dec.5 By Abbas Akhundov- Trend: Resource-rich Caspian Sea region is very attractive for investments, Turkish Customs and Trade Minister Hayati Yazici said at the opening of the Caspian Forum in Istanbul on Dec.4. The countries continue to strengthen the economic relations and to increase mutual trade which guarantees the maintenance of peace, stability and the growth of the region's welfare, according to Yazici. The holding of such forum is topical, as the role of the Caspian Sea region increases, Secretary General of the Caspian Strategic Institute HASEN Khaldun Yavash said. The Caspian Strategic Institute HASEN is the organizer of the forum. Speaking at the opening of the forum, Executive Director of Azerbaijani State Oil Fund Shahmar Movsumov talked about the oil strategy implemented by Azerbaijan, its goals, and the fund's activity. If a few years ago when the fund was only established, there was around $270 million under its control, now the fund controls over $35 billion, Movsumov said. The forum is dedicated to mega-projects, in which Azerbaijan also participates, the role of the Southern Gas Corridor. Additionally, during the forum there are will be held discussions about Azerbaijan's role in ensuring Europe's energy security, President of State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev said. The third Caspian Forum brought together the senior officials, representatives of companies and leading experts from 30-35 countries. During the forum there are will be discussed projects in the sphere of energy, transport, finance in the Caspian Sea region and the opportunities for the future cooperation will be studied.