Country Profile Azerbaijan

Modern Azerbaijan has traveled a complicated and at the same time, the successful path in the 20 years of its independence.

Over the past eight years, the country’s strategic currency reserves increased by more than 22 times and reached 41 billion US dollars at the end of 2011, which is about 10 times higher than the state’s foreign debt.

Nowadays this situation, the main issue facing Azerbaijan is that countries of the world do not retreat in the process of development. This, first and foremost, requires constant attention to such an important issue as preventing the danger of the country turning into a raw material appendage for the world economy in the medium- and long-term and becoming a technological “outsider” by eliminating the economy’s current dependence on the export of hydrocarbon reserves. Although the export of hydrocarbons has been the main driving force of economic growth in the past decade, the main issue facing us at the current stage is to ensure the rapid development of the non-oil sector, increase the effectiveness and competitiveness of the economy and secure its progress based on.

The development of the non-resource sectors of the economy ,especially : SMEs, ICT and tourism sectors and their competitiveness is the priority trend of the economic policy of the government.

The Business community of Azerbaijan wants to implement new channels of the Public Private Dialogue that will boost the development of the non-oil sector and will create access to the small and medium enterprises representatives who play important role in the economy but do not have channel to express position and comment on their needs.

This transformation process and the implementation of necessary reforms can best be done by involving the private sector in the policy making process. We, the Busi- ness support and private sector organisations call upon the political decision makers to consider us as partners for the design and implementation of reform processes, strategies for economic development and regional cooperation.

During the last years,many programmes and foundations for development of the entrepreneurship were launched.

The National Fund for Entrepreneurship Support of the Ministry of Economic Development gives methodical recommendations and shows directions for doing.

AZPROMO (Azerbaijani Export & Investment Promotion Foundation ) is a joint Public Private Initiative established by the Government of Azerbaijan in 2003. The organization is empowered to play a key role in public-private dialogue serving as a bridge between investors, local producers and the Government.

It is an independent organization with the key objective to contribute to achieving balanced development of the economy of the country and to implement measures necessary for the attraction and promotion of inflow of investments for creation of new jobs, particularly in its rural regions within the poverty reduction strategy framework.

On September 2016 the Abad was found.The main aim of ABAD is based on implementing projects that support small and medium enterprises and establishing fund to finance these projects; identifying the exact target group and creating proper conditions for use of modern technological equipment for agriculture products; assisting to prepare business plans and organize various functional services; organizing certification of produced products on the basis of “one window” principle; dealing with logistics; sharing best practices; taking other measures for development of production oriented entrepreneurship. was created according to the order "On creation of a unified database of goods produced in Azerbaijan Republic", signed on 21 September 2016 by the President of Azerbaijan Republic Ilham Aliyev. Mission of, managed by the Center for Analysis of Economic Reforms and Communication is to provide information about products of Azerbaijani origin and becoming the beneficial platform for their sales in foreign and domestic markets., integrated with the most popular electronic trading platforms makes the products available to potential buyers from anywhere in the world. To carry out this mission, the leading global and local transport and logistics companies integrated into offers fast and secure payment via VISA, Master Card and American Express cards holders.

“According the Presidential Decree on additional measures to strengthen Azerbaijan’s position as the International Trade Hub and expand foreign trade transactions, dated on February 22, 2017, electronic services will be created which will allow exporters, who submit goods manufactured in the Republic of Azerbaijan according to rules of electronic trade, to receive permissions required for implementation of export operations electronically on the basis of single electronic application, to send export customs declaration, as well as requests for payment of export promotion on the account of state budget to the persons engaged in export of non-oil products.