Azerbaijans financial and industrial groups become an obstacle to development of ties with U.S.
Baku, Fineko/abc.az. Azerbaijans financial & industrial groups (FIGs, or as they are known in the country, holdings) have become an obstacle to development of Azerbaijan-U.S. relationships.
Within the meeting of the Caspian-European Integration Business Club (CEIBC) in Baku today Matthew Bryza has said that the Azerbaijani banking system has excess liquidity, but there is a group of individuals, which prevents the financial flows in the economy.
"The economy of the country is controlled by the number of competing business groups which have access to the administrative resource that prevents coming of American business in Azerbaijan. American entrepreneurs are in confusion, not knowing how work with one of these groups will affect their market position in the country and whether relationships with other groups will develop then," Mr. Bryza said.
Nevertheless, American business is the second largest investor in Azerbaijan and is ready to expand its investments.
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