SOFAZ delegation headed by Executive Director of the State Oil Fund of the Republic of Azerbaijan Shahmar Movsumov attended the second meeting of the International Forum of Sovereign Wealth Funds (IFSWFs) held in Sydney on May 6-8, 2010.

Senior officials from 22 SWFs, and representatives of recipient countries and international organizations participated in this meeting. Issues like progress in application of Santiago principles, the important role SWFs play both in their home countries and countries they invest, impact of current regulation environment and investment regimes on these types of Funds were discussed during this meeting.

According to Mr. Movsumov within a short period of time since the inception of the Forum, there have been a significant progress in realization of the main missions of the Forum. Forum has become an effective platform for informal exchange of experiences and best industry practices among the SWFs and facilitating dialogue with recipient countries.

The next meeting of the Forum will be held in Beijing, China in April 2011. The meeting will be hosted by the China Investment Corporation.

Delegation headed by Shahmar Movsumov also had meetings with the GIC Group President, Lim Siong Guan on May 4 in Singapore and Chairman of the Australian Government Future Fund, David Murray on May 10 in Sydney. The main topics discussed during the meetings were the importance of the creation of these Funds, their goals and objectives, significant role they play in the economies of their home countries, strategic asset allocation for SWFs, etc.

The International Forum of Sovereign Wealth Funds (IFSWF) was established by the International Working Group of Sovereign Wealth Funds (IWG), in Kuwait City in April 2009 (see "Kuwait Declaration", and it held its inaugural meeting in Baku, Azerbaijan in October 2009. IFSWF is a voluntary group of Sovereign Wealth Funds, which meets, exchanges views on issues of common interest, and facilitates an understanding of the Santiago Principles and SWF activities.