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RECENT DEVELOPMENTS IN AZERBAIJAN'S ECONOMY AND FINANCE SECTOR

FOR IMMEDIATE RELEASE: May 30, 2000

CONTACT: Val Kogan, Pennsylvania-Russia Business Council (215) 963-7079

PHILADELPHIA, PENNSYLVANIA. On June 2, 2000 Eurasia Group and the Pennsylvania - Russia Business Council will host a breakfast roundtable "Recent Developments in Azerbaijan's Economy and Finance Sector".

NAMIQ NASRULLA NASRULLAYEV
Deputy Minister, Ministry of Economy of Azerbaijan

What is the overall state of Azerbaijan's economy? What macro economic indicators can you point to as an example of Azerbaijan's success? Why did the economy fall in 1999 from the previous year's level? How has the manat's devaluation impacted the economy? What is the significance of Azerbaijan joining the Asian Development Bank? Has the Ministry taken moves to diversify the economy? What sectors offer opportunities for foreign investors?

MAYIL SAMAD RAHIMOV
Advisor and Head, Economic Policy Department of the Presidential Apparat

Which reforms measures are on the top of President Aliev's list? With vouchers set to expire in August, what are the prospects for a new privatization program? What shape would it take? What are the prospects for inclusion of SOCAR, telecommunications, utilities, banks and other strategic assets in the program? What measures have been implemented to ensure shareholder rights?

ZAKIR ALIBALA OGLY NURIYEV
President, Azerbaijan Banking Association
and
VADIM ALADDIN XUBANOV
Deputy Head, Azerbaijan National Bank

What is the relative strength of Azerbaijan's banks? What is being done to improve this? What has been done to introduce standard accounting procedures for businesses? Is there a strategy for developing Azerbaijan's capital markets and a stock exchange? How has the US$1.5 billion line of credit offered by international financial institutions in 1999 impacted the economy?

RAGIB ISMAIL GULIYEV
Chairman, Azerbaijan State Committee on Antimonopoly Policy and Support for Entrepreneurship

What is the overall strength of Azerbaijan's business environment? How has the government supported small and medium size enterprises? What opportunities and obstacles exist for foreign investors hoping to get involved in Azerbaijani markets?

(PLEASE NOTE: Sahmil Bakhshali Ogly Useynov, Consultant, Committee on National Resources and Power Engineering and Member of the Azerbaijani Parliament and Rafil Israfil Huseynov, Advisor to the Minister of Agriculture will not be making presentations but will be available to answer questions).

Discussant:

Anthony Richter, Open Society Institute

DATE: Friday, 2 June 2000
TIME: 9:00am - 10:30am
PLACE: Patterson, Belknap, Webb & Tyler LLP
1133 Avenue of the Americas (b/w 43rd & 44th), Room 24A
New York City

For more information on this event contact Val Kogan, PRBC President at (215) 963-7079 or visit the Pennsylvania-Russia Business Council website at www.fita.org/prbc



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