Opening Speech of the 25th IBF Conference
Minister of Economy of Azerbaijan, Honourable Mikail Cabbarov,
Deputy Minister of Treasury and Finance Mr Nurettin Nebati, Esteemed Members of Parliament of Türkiye and Azerbaijan,
President of the İstanbul Chamber of Commerce Mr Şekip Avdagiç, President of IBF Mr Erol Yarar,
President of KOBİA Mr Orhan Mamadov
Esteemed Presidents and Representatives of the Non-Governmental Organizations and of the Academic World,
Esteemed Business People Coming from All Four Corners of the World, Dear MÜSİAD Members,
Esteemed Members of the Press;
I greet you with respect at the opening session of the 25th IBF Congress; welcome, you have honoured us. As MÜSİAD, we held the first IBF Congress, of which we were the pioneer, in Lahore, Pakistan, in September 1995. Today the IBF Congress, which brings together 42 businessmen’s associations from 25 countries and which has taken on the mission of establishing a global business network among Muslim businessmen, is expanding its boundaries with each passing day.
From Türkiye to Algeria, from Saudi Arabia to Yemen, from Jordan to Tunisia, from Syria to Morocco, from Pakistan to Palestine, from Malaysia to Indonesia, we set out together with the pioneering Non-Governmental Organizations of many different countries in order to bring dynamism to the joint trade and investment relations of Muslim businessmen worldwide.
Esteemed Participants,
The IBF Congresses aim to strengthen the trade and investment environment among member countries, to provide an exchange of knowledge and technology, and to accelerate joint commercial projects and activities. The IBF Congress, which brings together under a single roof many Non-Governmental Organizations operating for this purpose in their own countries, above all MÜSİAD, sets an example to the world with its inclusive work and with its mission of promoting trade and investment. This year we are very pleased to be in our friendly and brotherly country Azerbaijan. We wholeheartedly believe that, through the 25th IBF Congress, we will carry this fine synergy between Türkiye and Azerbaijan to a far more advanced level within a socio-economic framework.
Esteemed Participants;
At this congress of ours, held in Baku with the participation of our overseas branches and of the representatives of the other forum countries, we are together with more than 600 business people from Canada, Türkiye, Europe, the USA, the Middle East, North Africa and Russia. In addition to our historical and cultural togetherness with Azerbaijan,
since we are also neighbouring countries, we can develop the logistics processes and the trade network between the two countries still further in an advantageous manner.
At this congress of ours we will together analyse the new business models and investment opportunities that will shape the future of Azerbaijan and Türkiye. In order to make use of this potential, important responsibilities fall to Turkish investors, entrepreneurs and industrialists. We believe that far stronger ties can be established between the two brotherly countries by creating the necessary networking environment, by realising collaborations and by identifying opportunities in order to take the right steps at the right time.
Esteemed Participants;
To speak in figures; according to the IMF’s 2020 data, Azerbaijan is the world’s 89th largest economy... The research conducted by the World Bank shows that Azerbaijan, which has reached an economic size of approximately USD 42.6 billion, recorded very strong growth of 25.7 percent in the third quarter of 2021.
Within heavy industry, iron, aluminium and cement stand out as the sectors that give the country momentum. Oil and gas production in particular forms the basis of the country’s economy. The analysis published by British Petrol (BP) shows that Azerbaijan possesses 7 billion barrels of oil reserves. The figure in question corresponds to 0.6 of the world’s reserves. The country’s reserve-to-consumption ratio, for its part, stands out as 29.3. 80 percent of current oil production is exported via the Baku-Tbilisi-Ceyhan (BTC) pipeline.
Foreign direct investments, particularly those directed towards oil extraction and processing operations, contribute positively to Azerbaijan’s economic strength. Approximately 55 percent of Azerbaijan’s territory consists of agricultural land and 2.5 percent of urban areas. The country offers significant investment opportunities particularly in the tourism, health, agriculture, food, energy and construction sectors.
Esteemed Participants;
At this point, I would also like to touch upon the economic relations between Türkiye and Azerbaijan.
According to the data of the Ministry of Trade, in 2020 Türkiye carried out exports of approximately USD 1.6 billion to Azerbaijan. In the same period our total imports from Azerbaijan amounted to USD 2.6 billion. We foresee that, if the right strategies are developed, we can reach a trade volume in our exports with Azerbaijan far above USD 4.2 billion. The two countries had a target vision of USD 15 billion in bilateral trade volume. In line with this aim, Free Trade Agreements between the two countries must be signed as soon as possible. The most important mission of holding the 25th IBF Congress in Baku, the capital of Azerbaijan, is to raise the trade and investment relations between Türkiye and Azerbaijan to a far more productive and advanced level.
Through the sectoral meetings to be organized within the scope of the Forum and the visits to be made to factories in Azerbaijan, the Forum participants will also have the chance to observe field work closely. We believe that, through the IBF Congress, the investment opportunities for the reconstruction and economic development of Karabakh — which regained its independence after the war that ended last year with Azerbaijan’s great victory — will be evaluated in the most accurate manner.
The relationship of friendship and brotherhood between Azerbaijan and Türkiye will be carried into a much more sustainable, innovative and bright future through the development of new business models and investment projects. Esteemed Participants;
In closing my remarks; first of all the Minister of Economy of Azerbaijan, Honourable Mikail Cabbarov, our Deputy Minister of Treasury and Finance Mr Nurettin Nebati, the Turkish and Azerbaijani Members of Parliament,
the President of the İstanbul Chamber of Commerce Mr Şekip Avdagiç, our IBF President Erol Yarar and the President of our strategic partner KOBİA, Mr Orhan Mamadov, and above all you, our esteemed guests and business people who have come on long journeys from different parts of the world — I thank you all from the bottom of my heart and present my respects, with the wish that the 25th IBF Congress will lead to brand-new collaborations.
Mahmut Asmalı
President of MÜSİAD