Finance and Investment Working Group

AHK Azerbaijan successfully hosted the German–Azerbaijani Dialogue on Economic Outlook, Banking & Investment, bringing together experts from the public and private sectors to discuss Azerbaijan’s economic outlook and opportunities for German–Azerbaijani cooperation.

The meeting featured contributions from- Yasin Jalilov from the Azerbaijan Business Development Fund, Elman Eminov from PASHA Holding, Yunus Abdulov from the Azerbaijan Banks Association, Batuhan Hakyemez from DEG and Talat Kalayev from Unicapital Investment Company.

The discussion focused on macroeconomic trends, sectoral reforms, export market access, and investment opportunities, including prospects in the Alat Free Economic Zone and other regional free economic zones.

Speakers also highlighted the importance of connectivity, developments in Azerbaijan’s banking sector, cooperation with German financial institutions, and DEG’s interest in supporting large-scale investments in the region.

The webinar concluded with an engaging Q&A session, reflecting strong interest in strengthening economic dialogue and fostering new partnerships between Germany and Azerbaijan.

AHK Azerbaijan, within the framework of its Financial Services Working Group, jointly with the Baku Stock Exchange, hosted an event titled “Azerbaijan Real Estate Investment Market Outlook.” 
 

The event opened with remarks by Ogtay Gasimov, Deputy Chairman of the Management Board and Chief Commercial Officer of the Baku Stock Exchange, and Nargis Wieck, Executive Director of AHK Azerbaijan, who highlighted the importance of developing capital market instruments and enhancing investment opportunities in the real estate sector. 
 

The panel discussion was moderated by Vugar Namazov, CEO of Unicapital Investment Company, and brought together leading industry experts, including Kamil A., Head of Business Development at PMD Group LLC; Kamil Valiyev, Partner at Dentons Baku; and Emin Aliyev, Lead Economist at the Baku Stock Exchange. 
 

The discussion focused on the growing potential of transforming real estate into a capital market instrument, the development of securitization opportunities, the current legal and regulatory framework, and the long-term investment outlook for Azerbaijan’s real estate market. 
 

Speakers emphasized the importance of strengthening market infrastructure, expanding investor participation, and aligning local practices with international standards to support sustainable growth in the sector.

AHK Azerbaijan, within its Financial Services Working Group, hosted a dedicated event on PASHA Bank’s Initial Public Offering (IPO), bringing together representatives from the financial and corporate sectors to exchange insights on public offerings and capital market practices. 

The program commenced with welcoming remarks by Ms. Aytekin Sirajzade, followed by an introduction delivered by Mr. Vugar Namazov, Chief Executive Officer of Unicapital Investment Company. Subsequently, Mr. Serkhan Piriyev, Head of Trading at PASHA Bank ASC, presented the Bank’s IPO experience, highlighting key implementation steps, recent developments, and relevant performance indicators. 

Following the presentation, the event transitioned into a panel discussion moderated by Mr. Vugar Namazov. The panel featured Mr. Serkhan Piriyev, Mr. Ferhad Mansurov from the Baku Stock Exchange, and Mr. Royal Latifli from Unicapital Investment Company. The discussion addressed key topics related to IPO processes, prevailing market conditions, investor perspectives, taxation, dividend policy, and access for non-resident investors. 

The session concluded with an interactive Q&A segment, during which participants engaged directly with the speakers, reinforcing the event’s discussion

On October 22, 2025, AHK Azerbaijan convened the latest session of the Financial Services Working Group, bringing together stakeholders from the financial sector, business community, and regulatory authorities. The session was moderated by Mr. Farhad Mansurov, Chief Listing Advisor at Baku Stock Exchange, who opened the meeting with a brief introduction and outlined the objectives of the discussion.

The session featured a presentation by Mr. Mansurov titled “Alternative Financing for Businesses: Benefits of Capital Markets.”

In his presentation, Mr. Mansurov elaborated on the growing importance of alternative financing tools for businesses and highlighted the opportunities available through capital markets. He discussed different market segments, the roadmap for issuers, and key stages of the issuance process, illustrating how companies can leverage stock exchanges to raise funds effectively.

Mr. Mansurov also emphasized how diversified financing channels contribute to a stronger local business environment, support sustainable financial growth, and enable broader participation in capital markets.

The session concluded with an interactive discussion, during which participants exchanged insights, asked questions, and explored practical strategies for integrating alternative financing tools into corporate finance practices.

On September 19, 2024, a joint meeting of AHK Azerbaijan’s Financial Services and Agriculture & Food Industry Working Groups was held at the AHK Azerbaijan office. The main topic of the meeting was “Raising Capital through Securities.” The event was opened by Mr Ilgar Aliyev, Vice-Chairperson of the Agriculture & Food Industry Working Group, who welcomed the participants and provided information about the meeting’s agenda and topic.

The guest speaker at the meeting was Ms Anjela Ramazanova, Head of the Listing Department at the Baku Stock Exchange (BSE). After greeting the participants, she gave a comprehensive overview of the history, structure, and activities of the BSE. Ms Ramazanova also spoke about the recent rebranding process at the BSE and its new strategic plan.

On September 17, 2024, the Financial Services Working Group of AHK Azerbaijan convened at its office to discuss "Green Financing and the Transition to a Green Economy." This meeting was part of AHK Azerbaijan’s broader series of initiatives under the motto "Innovate, Collaborate, Transform - Expectations for COP29," which aims to support green development.

The meeting was opened by Mr Ilkin Guliyev, Chairman of the Financial Services Working Group, who greeted the participants and outlined the course and topic of the discussion. He also provided a brief overview of the previous meeting. Mr Guliyev emphasised the relevance of green financing, noting the significant role of the European Bank for Reconstruction and Development (EBRD) in promoting this trend.

Mr Elmin Ibrahimov, Principal Banker at EBRD, served as the guest speaker. He began by providing an overview of EBRD’s activities in Azerbaijan, with a focus on the organisation’s key areas: Energy Efficiency, Renewable Energy, and Sustainable Infrastructure. Mr Ibrahimov then introduced the EBRD's green financial products, including Green Bonds, Green Loans, Sustainability-Linked Bonds, and Sustainability-Linked Loans, detailing how each product operates under specific principles of green finance.

At the next meeting of the Financial Services Working Group of AHK Azerbaijan held on March 13, 2024, at the Head Office of AccessBank CJSC, the areas of activity of the Entrepreneurship Development Fund and preferential financial mechanisms were discussed, as well as the banking services and products available for AHK Azerbaijan members within the framework of cooperation with EDF. 

At the meeting participated Tobias Baumann, Executive Board Member of AHK Azerbaijan, Ilkin Guliyev, Member of the Board of AccessBank CJSC and Chairman of the Financial Services Working Group, as the moderator of the meeting. Guest speakers included Osman Khaliyev, Chairman of the Management Board of the Entrepreneurship Development Fund, and Javid Aliyev, Director of small, medium, and corporate clients at AccessBank CJSC.

Declaring the meeting open, Tobias Baumann welcomed the participants and informed them about the progress of the meeting. Later, the moderator of the meeting, Mr Guliyev, greeted the participants and gave the audience extensive information about the bank's activities. Then he gave the floor to Mr Khaliyev.

On 20 June 2023, the next meeting of the Financial Services Working Group took place with the participation of more than 20 company representatives. The meeting revolved around the current law and regulations with regard to financial technologies (fintech) in Azerbaijan.

We were joined by the representatives of BHM Law Firm LLC, Ms Gulnar Gurbanova and Ms Turkan Hajiyeva, who gave valuable insights into the regulatory framework for fintech in Azerbaijan and explored potential areas for improvement and development.

The meeting continued with a Q&A session with the participation of Mr Farid Osmanov, Executive Director of the Central Bank of the Republic of Azerbaijan, moderated by Mr Afgan Bakhishov, Chairperson of the AHK Azerbaijan Financial Services Working Group.