A business delegation representing over 50 firms is accompanying President Milos Zeman on his visit to Azerbaijan.

"It needs to be said that, for us, Azerbaijan is an immensely interesting country, and along with Kazakhstan it

seems to be the richest country in this region," Confederation of Industry president Jaroslav Hanak told CTK and Czech Radio.

Promising fields are transport infrastructure, supply of locomotives and sale of air-conditioning systems, Hanak said.

 Zeman and his Azeri counterpart Ilham Aliyev have opened a Czech-Azeri business forum today.

On Tuesday, Zeman encouraged Azerbaijan´s entrepreneurs to invest in the Czech Republic.

Aero Vodochody head Ladislav Simek, a member of the business delegation, said Azerbaijan has 24 L-39 planes and that his company is trying to secure their overhauls. Aero Vodochody would like to supply new generation L-39 aircraft to Azerbaijan. The new generation planes will start to be produced soon.

Another important project is reconstruction of a rail link connecting Azerbaijan, Georgia and Turkey.

The railway needs to be modernised, said Alena Ockova of HSBC Bank, a leader in a consortium of seven banks financing the project worth EUR500m.

"Moravia Steel is a general contractor," Ockova said.

PSJ will take part in a 20-year project to build new homes on the artificial island near Baku. It will build several tenement houses worth EUR400m. Milan Veznik from PSJ said that the construction may begin within six months and will take about two years.

The completion of the entire project may be complicated by a drop in oil prices that is also cutting Azerbaijan´s revenue.

It may happen that the price of crude oil will fall to $30 or $20 per barrel but, as Hanak said, that will not threaten the fulfilment of the signed contracts.

Aliyev said that, despite the falling oil prices, the country has enough money for investments. He mentioned the construction of a new gas pipeline to Europe or a new north-south transport corridor and urged Czech firms to take part in financing of these projects.

Zeman arrived in Azerbaijan on Tuesday and will end his visit on Thursday.