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SMBCE addresses first external investment summits for Azerbaijan and Turkmenistan
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Denis Deripasko addresses delegates at the Investment Forum of Turkmenistan
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SMBCE has played an active part in two major events promoting investment in the Central Asia region. The first ever Azerbaijan Investment Summit was held in London in December 2009 and the first Turkmenistan Investment Summit was held in the UAE in February 2010.
In a keynote speech at the Turkmenistan summit, the UAE Minister of Economy, HE Sultan Al Mansouri, underlined that the UAE was the leading Arab exporter to Turkmenistan and is prioritising the country in its international expansion plans. He recognised the substantial investment opportunities across a range of industries from roads and railways to oil refining, gas production and petrochemicals, as well as agriculture and textiles.
Denis Deripasko of SMBCE gave a speech at the large-scale economic event organised by the Turkmen Chamber of Industry and Commerce under the patronage of the government of Turkmenistan and attended by the country's president, Gurbanguly Berdimuhamedov.
Mr Deripasko, who delivered his speech on the first day of the summit, highlighted the extremely significant hydrocarbon reserves found in the Central Asia and Caspian Sea region. He argued these could help to reduce the energy deficit of western European and Asian markets, which would contribute to improve Asian and global energy security.
He also highlighted strong interest in multisource financing in Turkmenistan and other countries in the region. SMBC group is able to offer itself as a capable coordinator of multisource financing involving sovereign wealth funds, international financial institutions and export credit agencies. We are already a trusted partner of regional sovereign wealth funds and are taking part in our first project in Turkmenistan. The project concerns the transfer of technology by Japanese companies in the developing petrochemical and chemical industries, and is strongly supported by JBIC and NEXI.
SMBCE also took part in the first ever Azerbaijan Investment Summit, which was held in London on 8–9 December 2009. The Azerbaijani delegation included government ministers, the central bank director general, chairmen from major financial institutions and local companies, along with other prominent businessmen.
With its tremendous growth, world-class levels of hydrocarbon resources and increasingly diversifying economy, Azerbaijan is a strong interest for SMBC group and our core clients. There are likely to be significant opportunities in the future for the SMBC group to coordinate and arrange financing, in which the involvement of sovereign wealth funds, international financial institutions and export credit agencies will be sought and appreciated.
The Economist Intelligence Unit named Azerbaijan as the fastest growing country in the world in December 2009. Azerbaijan has posted very fast GDP growth in recent years: 34.5% in 2006, 25% in 2007, 10.8% in 2008, and possibly double-digit growth in 2009. While the growth is mainly due to rising oil output, retail trade and services are also being driven sharply higher by the substantial growth in wages and wealth of the local population.
The Azerbaijani government is extremely keen to diversify the local economy away from hydrocarbons in order for the country to develop a strong, broadly based foundation for the future. This diversification drive will generate many opportunities for SMBC group to assist our customers in the region.
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