CIS business chiefs call for a diversified economy

Dubai - Founder of Khazar Ventures, Azerbaijan, said the time is right for Azerbaijan-based companies to diversify their portfolio.

Central Asian nations require long-term strategies to diversify their economies and attract foreign private sector investments to the region, said leading entrepreneurs from the region at the Commonwealth of Independent States Global Business Forum in Dubai.
Speaking at a session on 'Emerging Multinationals -- Who, What and Where Next', Mammad Karimov, founder of Khazar Ventures, Azerbaijan, said the time is right for Azerbaijan-based companies to diversify their portfolio.
He said that despite challenges in areas such as logistics, legislation and recruitments, there are several success stories in Azerbaijan where companies have become major global players within a short period. "People have showed that there are new ways to do business and achieve success," he said.
Aidan Karibzhanov, general director, Visor Holding, Kazakhstan, said the hydrocarbon sector with its massive assets offers opportunities in Kazakhstan.
"Kazakhstan is witnessing significant activity in several other sectors such as banking, luxury and retail but the success of these sectors are dependent on the success of the oil sector. The country requires a long-term strategy involving reforms in political and legal systems to diversify the economy and attract investments from multinational companies," said Karibzhanov.
Samson Pkhakadze, president of Wissol Group, Georgia, said his country has been successful in creating a diversified economy with sectors such as infrastructure, transport, public services and construction significantly contributing to the economy.
Georgia has simplified its taxation process and fast-paced reforms have brought down the number of taxes to five. Besides, he pointed out that up to 80 per cent imports involve zero taxes.
- business@khaleejtimes.com