SOFAZ Executive Director meets with AmCham Azerbaijan members

  • Oct 23, 2019
  • Azer Tac

Baku, October 23, AZERTAC

The American Chamber of Commerce in Azerbaijan (AmCham Azerbaijan) hosted another members’ luncheon.

The honorable guest speaker of this month was Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) Shahmar Movsumov. Movsumov spoke on the activities aimed at improving this sector in the country and the issues remaining high on its agenda. Around a hundred AmCham members and partners attended the event, including representatives of diplomatic corps.

Movsumov started his speech talking about the mission and goals of SOFAZ. He noted that the mission of SOFAZ is to collect revenues from depleted natural resources and make it a permanent source of income for the current and future generations of Azerbaijani people. He also said that the main objectives of SOFAZ are to maintain macroeconomic stability in the country, equally distribute income from depleted natural resources between generations and accumulate resources for future generations, as well as investing in the social and economic development of the country.

Movsumov also touched upon the management structure and legal framework of SOFAZ. In addition, the positive contribution of SOFAZ to the economy and the state budget throughout the activity was highlighted during the presentation. Shahmar Movsumov also informed the event participants about Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Kars, STAR Oil Refinery, Southern Gas Corridor, reconstruction of the Samur-Absheron irrigation system, construction of Oghuz-Gabala-Baku water pipeline, and other local and foreign projects financed by SOFAZ.

The Executive Director also presented the thorough information about the investment portfolio of SOFAZ. He noted that the volume of assets of the SOFAZ is approaching $42.5 billion. “The State Oil Fund implements a very conservative investment policy. Since 2012, however, the Fund has begun to implement a variety of new types of assets, raised shares and invested in real estate and gold. We will continue to work to increase the risky assets in the future,” he added.

Besides, the Luncheon highlighted several member presentations.

AmCham Azerbaijan Members’ Luncheons are organized monthly by the Chamber and feature participation of high ranked government officials, top representatives of international financial institutions and representatives of diplomatic corps.

AmCham Azerbaijan is a leading private, non-profit business association supporting and promoting the interests of foreign and local businesses in Azerbaijan. Established in 1996, the Chamber is composed of over 280 member companies active in every sector of the Azerbaijani economy. AmCham Azerbaijan represents nearly 80% of all foreign investment, as well as a significant portion of local investment, in Azerbaijan.