In order to become a regional financial center, Azerbaijan needs to fulfil a number of necessary terms, he added.
Azerbaijan needs to meet global standards in terms of professionalism of personnel, Yarrow said.
Aside from that, according to him, the taxation and laws, in particular the trade law should also comply with global standards, and the transparency and quick action of legislation should be ensured.
Yarrow said these conditions are necessary for the stocks and bonds issued in the country to be listed on the world`s financial markets. If these conditions are met, it will be easier for Azerbaijan to become a financial center in the region.
He said that whether Azerbaijan will turn into a regional financial center or not, it must adopt these standards.
“First, we must see that these standards will be appropriate for the country as their adoption will attract more investors to Azerbaijan,” he said.
Yarrow stressed that the sector of rendering financial services is a priority for Great Britain in cooperation with Azerbaijan.
“We would like to cooperate in the field of life insurance and pension system. These sectors are being developed. They need the right foundation. In this regard, it is necessary to create a legal framework.”
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