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Azerbaijan at World Economic Forum

It has been an active week for the Azerbaijani delegation in Davos, headed by President Ilham Aliyev. The Executive Chairman of the World Economic Forum, Klaus Schwab, praised the economic progress displayed by Azerbaijan and expressed hope that the World Economic Forum in Baku would contribute to developing cooperation and integration in the Southern Caucasus and Middle Asian regions.

Klaus Schwab expressed hope that the World Economic Forum in Baku, planned for April of this year, would contribute to developing cooperation and integration in the Southern Caucasus and Middle Asian regions.

The State Oil Company of Azerbaijan Republic (SOCAR) also held an annual reception where two memorandums of understanding were signed. The first document was signed by the State Oil Fund of Azerbaijan (SOFAZ) and International Financial Corporation (IFC) by the Executive Director of SOFAZ, Mr. Shahmar Movsumov, and CEO of IFC, Mr. Jin-Yong Cai. The signatory parties agreed to deepen cooperation between the two organizations in the area of private sector investment and private investments in the world emerging markets. SOFAZ has already invested 100 million USD in the African, Latin American, and Caribbean Fund. The agreement has been reached to allocate an additional 50 million USD for SOFAZ's investment in the new global fund. This will be officially announced on Friday.

The second document was signed between the President of SOCAR, Mr. Rovnag Abdullayev, and the Chairman of Board of MIGROS, Mr. Herbert Bolliger. The parties agreed to expand cooperation in Switzerland's fuel sector and continue exploring new market opportunities for further investments.

SOFAZ has been one of the first investors in the world's emerging markets.

Source: various

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