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Memorandum of Understanding signed between Azerbaijan Investment Company OJSC and State Agency for the Use of Mineral Resources

On December 17, 2020 a Memorandum of Understanding on cooperation was signed between Azerbaijan Investment Company (AIC) and the State Agency for the Use of Mineral Resources to contribute to the development of the mining industry in the Republic of Azerbaijan.

In accordance with the document, the agencies will cooperate to make a research on promising mining projects and attract investment to finance them.

The Memorandum of Understanding was signed for the term of 3 years.

Note: Azerbaijan Investment Company OJSC was established by the Decree of the President of the Republic of Azerbaijan On Additional Measures to Promote Investment Activity dated March 30, 2006. 

The main goal of AIC is to make short-term investments in the commercial enterprises of Azerbaijan and to contribute to the development of non-oil sector at its own expense and by attracting other investors.

The State Agency for the Use of Mineral Resources, established by the Decree of the President of the Republic of Azerbaijan dated April 9, 2019, aims taking part in the formation of state policy on geological study, use and protection of subsoil, efficient use of mineral resources and its implementation, as well as ensuring the development of the sector of mineral resources.