Business

Central Asian nations need long term strategies to diversify their economies and bring in foreign economic sector investments to the region, specified leading entrepreneurs from the region on Day One of the first edition of the Commonwealth of Independent States Global Business Forum (CIS GBF 2016) in Dubai, which is being organised by Dubai Chamber from February 17-18, 2016.

Speaking at a session on 'Em erging Multinationals-- Who, What and Where Next', Mammad Karimov, Founder of Khazar Ventures, Azerbaijan, stated the time is right for Azerbaijan-based companies to diversify their portfolio. He said that despite challenges in area such as logistics, legislation and employments, there are numerous success stories in Azerbaijan where business have actually become significant international players within a brief duration. "People have actually revealed that there are brand-new ways to do company and accomplish success," he said.

Karimov stated the opening of Dubai Chamber office in Azerbaijani capital Baku reflects the nation's strong relations with the UAE, especially Dubai.
"Dubai has actually been a good partner and Dubai Chamber has been playing a key role in encouraging cooperation between business owners in the two countries," he said.

Aidan Karibzhanov, General Director, Visor Holding, Kazakhstan, said hydrocarbon sector with its massive possessions provides lots of chances in Kazakhstan.
"Kazakhstan is experiencing considerable activity in a number of other sectors such as banking, high-end and retail but the success of these sectors are dependent on the success of the oil sector. The nation for that reason needs a long term strategy including reforms in political and legal systems to diversify the economy and bring in investments from international business," said Karibzhanov.

Samson Pkhakadze, President of Wissol Group, Georgia, stated his nation has been successful in developing a diversified economy with sectors such as facilities, transport, public services and construction considerably contributing to the economy.

Georgia has actually simplified its tax procedure and current fast paced reforms have reduced the variety of taxes to five. He pointed out that up to 80 % imports include absolutely no portion taxes.

Pkhakadze stated Georgia offers a lot of financial investment opportunities for Gulf based investors with its transparent and business-friendly taxation system. He highlighted locations such as transportation, facilities energy, power generation, tourism as significant investment areas.

The CIS GBF 2016 has actually been organised under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on the style, 'Ancient Routes - New Opportunities', and explores opportunities on old trading links to neighbouring areas and beyond in addition to brand-new Economic Union Eurasian alliances.

• Tags
• #Business
• #Magazine
• #Lifestyle