(Baku, Azerbaijan) The 6th Meeting of ECO Heads of Privatization Administrations was held on 26 October 2018 with the aim of expanding cooperation in the field of Privatization.
The Meeting, which was preceded by the 5th High Level Working Group (HLWG) Meeting on Privatization and Private Sector Development, was attended by the delegations from all ECO Member States, ECO Chambers of Commerce and Industry (ECO-CCI), Federation of Pakistan Chambers of Commerce and Industry (FPCCI), International Finance Cooperation (IFC), European Union as well as the delegation of ECO Secretariat.
While speaking at the event, ECO Secretary General, Dr. Hadi Soleimanpour, emphasized that the privatization process within the context of global economy may enhance the region’s place on the international capital cycle. He also highlighted the importance of intra-regional investment, regional markets links and privatization harmonization.
ECO Director for Agriculture Industry and Tourism, Memduh Unal, also presented a brief progress report on implementation process of the decisions taken since the last Meeting, as well as the status of ECO activities on Privatization. He also delivered a presentation on the role of Foreign Direct Investment (FDI) in the ECO Region.
During the Meeting, the Heads of delegates from the Member States delivered their statements on polices challenges and future plans on the Management of State Property and Privatization. The Secretary General of the ECO Chamber of Commerce and Industry (ECO-CCI) and the Representatives from Iranian Privatization Organization and IFC delivered their respective statements on the issue.
While underlining the importance of comprehensive follow-up and review of the implementation of the ECO Vision 2025, the participants agreed on the establishment of a networking system to enhance coordination among Privatization Organizations of Member States and the need to explore the possibility of the introduction of Production Chain Mechanism in the region. They also expressed interest in plans to enhance intra-regional trade through multiple measures, including implementation of ECO Trade Agreement (ECOTA) and the creation of an Investment Forum with the participation of Privatization Organizations of the ECO Member States and International Investors.
The Meeting ended with consideration and adoption of the Baku Declaration on Privatization which was prepared by the 5th HLWG Meeting.