Greek President of the Republic Karolos Papoulias outlined the efforts being made by the Greek government and people for recovery of the economy, and invited Azeri businessmen to invest in Greece and take advantage of the new investment framework and recent "fast track" law, addressing a business forum in Baku on Wednesday morning that he jointly inaugurated with Azerbaijan's president Ilham Aliyev.

Addressing the 4th Greek-Azeri Business Forum, Papoulias also noted the repercussions of the global economic and credit crisis on the Greek economy, but also stressed the developmental prospects arising.

"We are working for the Greek economy's speedy return to a recovery track. For that reason, apart from the fiscal streamlining, we are also proceeding with the implementation of developmental policies, which take into consideration our country's comparative advantages and our productive potential," Papoulias said.

In a special reference to the export prospects of various branches of the Greek economy, such as foods, construction materials, cosmetics and medicines, he invited Azeri entrepreneurs to take advantage of the recently passed new investment framework and fast track law and invest in Greece.

He urged Azeri businessmen to take up joint ventures with their Greek counterparts in the sector of energy, and particularly in renewable energy sources (RES), green development and oil refining, a sector in which, the President noted, Greece has significant knowhow and guarantees profitable cooperation.

In a brief divergence from the official itinerary after the official banquet on Tuesday evening, Papoulias and Aliyev and their delegations put aside protocol and went to a jazz club in Baku.