OREANDA-NEWS. On January 30, 2007 the International Bank of Azerbaijan (IBA) opened its representative office in Luxembourg, reported the press-centre of IBA.

Among those in attendance at a ceremony on the occasion were state officials of Belgium and Luxembourg, parliamentarians, heads and representatives of various banks operating in Azerbaijan and Luxembourg, businessmen, and employees at Azerbaijan`s embassies in Belgium and Luxembourg.

Jean-Claude Knebler, a Luxembourg state official, said his country is ready to establish relations with Azerbaijan which he described as a strong and rapidly developing country.
Jahangir Hajiyev, Chairman of Board of the International Bank of Azerbaijan, said the opening of the representative office is very symbolic and important to IBA.

He said the event is an evidence of Luxembourg`s being financial and banking center of Europe.
Hajiyev said the office will not render banking services, but efforts are now being made to get a license so that it operate as IBA`s branch.

Knebler emphasized despite huge distance between Luxembourg and Azerbaijan, his country is well aware of Azerbaijan`s being a resource-rich country, especially with oil and gas, and its yearly increasing GDP growth.

Emin Eyyubov, Azerbaijan`s permanent representative to the European Union and Ambassador in Luxembourg, stressed the importance of opening of IBA`s representative office.
He said developing bilateral economic relations with other countries is very important to his country, and Azerbaijani companies are keen to cooperate with their counterparts in many countries across the world.

Eyyubov noted Luxembourg companies already show interest in starting business and establishing cooperation in Azerbaijan.

After the ceremony, IBA Chairman of Board Jahangir Hajiyev and Deputy Chairman of Board of the National Bank of Azerbaijan Rufat Aslanli cut the ribbon symbolizing the official opening of the representative office.