Home / Real Estate / Georgia, Azerbaijan and Germany Expand Cooperation on Real Estate Management

Georgia, Azerbaijan and Germany Expand Cooperation on Real Estate Management

Azerbaijan, Georgia and Germany have discussed the prospects of state property management, the possibility of attracting investment in privatization and exchange of experience in this field.

The meeting, held in Tbilisi on July 21, was attended by Chairman of Azerbaijan State Committee on Property Issues Karam Hasanov, Head of Georgia National Agency of State Property Ekaterine Sisauri, and Head of the 8th Main Department of the German Finance Ministry Von Wick.

Sisauri stressed that the development of relations between the countries in the field of state property management and privatization will allow to implement new projects.

Hasanov, in turn, noted that the strategy implemented by the leadership of Azerbaijan has allowed the State Committee to expand the use of new methods and approaches. The important results achieved made it possible to apply electronic services and use innovative methods more widely, as well as to increase transparency in the areas of public property management and privatization.

“The holding of electronic auctions for privatization has made it possible to further optimize this process, increase efficiency, expand opportunities to attract local and foreign investments,” Hasanov said, adding that large enterprises related to industry, agriculture, transport, medicine, telecommunications and other spheres have been opened for privatization.

Wick, in turn, said that Germany is interested in developing relations with other countries in the sphere of state property management and privatization, and supporting innovations that create the basis for the development of the economy.

“Innovations and innovative projects used by Azerbaijan in the sphere of privatization allow us to talk about the success of the created cooperation,” she noted.

Azerbaijan State Committee on Property Issues has held 114 auctions since the beginning of the year, at which 350 state properties were privatized. The portal for privatization – privatization.az, – launched in July 2016, provides all necessary information about the facilities, their addresses, location, and even initial cost and aims at facilitation of the process. The privatization process is designed to attract both foreign and local investors, as well as develop the business environment of Azerbaijan.

Moreover, the State Committee on Property Issues held the first electronic auction on July 4. The electronic auction service combines the privatization procedure of vehicles and equipment. In the future, it will be possible to privatize small state enterprises and facilities, joint-stock companies through electronic auction, Today Az reports.