OREANDA-NEWS. October 01, 2013. Mr Elman Rustamov, Governor of the Central Bank received the delegation headed by Mr Lee Yi Shyan, the Minister of Trade, Industry and National Development of the Republic of Singapore.

Mr Elman Rustamov welcomed the delegation and detailed them on the growth path, Azerbaijan had left behind, challenges of the first years of independence and the successful growth strategy of the government. He mentioned similarities in the way our countries conduct reforms, particularly on the strategic targets in the Azerbaijan 2020: Outlook for the Future Growth Concept, prioritized in the Singaporean growth model. The guests were also informed on the monetary and exchange rate policy of Azerbaijan, the Central Bank efforts to amplify financial stability and foster economic diversification.

Mr Lee Yi Shyan expressed his satisfaction with witnessing step growth in the country during his visit. He articulated his great interest in our country, highly appreciating the successful growth strategy aimed at diversification of the economy, development of business and macroeconomic stability. The Minister emphasized that currently Azerbaijan and Singapore are facing a number of similar challenges, that it is key to integrate to the global financial system and that the small domestic market needs to be protected from external shocks amid the global crisis. He welcomed the anti-crisis efforts by Azerbaijan.

The meeting participants mentioned that there is a wide room for cooperation between the two countries. No efforts will be spared to broaden and deepen further bilateral ties.