Azerbaijan consistently carries out reforms to improve business climate

2 November 2018 12:27 (UTC+04:00)

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By Sara Israfilbayova

Azerbaijan has been consistently carrying out reforms to improve the business climate since 2006.

The World Bank (WB) expert Hulya Ulku told Azerbaijani reporters during a video link with the WB headquarters in Washington DC.

She went on to say that Azerbaijan can be attributed to the list of countries conducting an incredible number of reforms.

The expert stressed that according to Doing Business 2019, Azerbaijan entered the list of countries with the most noticeable improvement in the economy.

Azerbaijan has implemented a record number of reforms (eight) aimed at simplifying business among 10 economies that have shown significant improvement.

In particular, Ulku noted that Azerbaijan has simplified the process of obtaining building permits, connecting to power grids, registering property, obtaining loans, taxation, international trade and also carried out reforms in the labor market and reforms aimed at protecting minority investors.

Azerbaijan ranked 25th among 190 countries in Doing Business 2019, while it was 57th in Doing Business 2018.

Doing Business is annually published by the World Bank Group, which assesses regulatory standards in entrepreneurial activity.

Azerbaijan joined the World Bank Group in 1992. Since then, commitments to the country totaled over $3.78 billion for 50 projects.

Founded in 1944, the WB has 189 member countries, staff from more 170 countries, and offices in over 130 locations.

Today the Bank Group’s work touches nearly every sector that is important to fighting poverty, supporting economic growth, and ensuring sustainable gains in the quality of people’s lives in developing countries.

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