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USACC Holds Briefing to Commemorate the Signing of the Contract of the Century
WASHINGTON DC - The United States-Azerbaijan Chamber of Commerce (USACC) held a briefing on September 29 to commemorate the 10th anniversary of the signing of the Contract of the Century.
Signed on September 20, 1994, this contract serves as a milestone for development of the energy resources in the Caspian Sea with international energy companies.
The panel, moderated by Executive Director Seymour Khalilov, featured three distinguished speakers, Faig Mammadov, Advisor to the Executive Director of the International Monetary Fund, Mamuka Tsereteli, Executive Director of the America-Georgia Business Council, and Matt Bryza, Director for Aegean, South Caucasus, and Central Asian Affairs at the National Security Council of the White House.
The well-attended event included H.E. Hafiz Pashayev, Ambassador of Azerbaijan, H.E. Levan Mikeladze, Ambassador of Georgia, former Congressman Greg Laughlin, representatives of the business community, the Administration, and Congress.
Faig Mammadov concentrated on the opportunities created by opening the energy sector to foreign investment, and the challenges faced by Azerbaijani decision makers to use the resources generated by the Contract wisely and to enhance development of the non-energy sector. Mamuka Tsereteli highlighted regional opportunities for cooperation created by the project, especially between Azerbaijan and Georgia. He argued that regional conflicts should be resolved in order to achieve the long-term stability in the region. Matt Bryza gave an overview of the impact of the project on countries in the region, and emphasized the importance of U.S.-Azerbaijan relations not only on energy issues, but also on matters of regional security, the advancement of democratic and market economic reforms, and resolution of regional conflicts.
Ambassador Pashayev reminded the audience of the great risks undertaken by former President Heydar Aliyev for the realization of this project, and of the vision he had for his country. “ As a grand master, he played a skillful ‘chess game' that brought 11 companies from 8 countries to the contract intentionally, because President Aliyev wanted to bring additional attention and balance the interests of great powers in this region,” he said.
The US - Azerbaijan Chamber of Commerce (USACC) is a non-profit, Washington, DC based organization that seeks to promote trade and investments between the United States and Azerbaijan by rendering various business services. USACC actively seeks U.S. and international investments and companies whose products and strategic interests can be advanced in the Azerbaijani market. It also serves as a liaison between foreign companies and Azerbaijani businesses and government officials. To learn more about USACC, please visit www.usacc.org
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