AZPROMO: Favorable climate created in Azerbaijan to attract foreign investment

By  Trend

The fact that Azerbaijan significantly improved its position in the World Bank’s Doing Business-2019 ranking is a good indicator of the accelerated pace of development of the national economy, the President of the Export and Investment Promotion Foundation (AZPROMO) Yusif Abdullayev said, Trend reports.

Abdullayev noted that Azerbaijan has made a qualitative leap, rising in the overall rating by 32 positions and taking 25th place among 190 countries of the world.

"At the same time, Azerbaijan occupies a leading position among these countries in some aspects. For example, our country [Azerbaijan] is among the top ten countries in which it is easiest to start a business, which indicates that Azerbaijan has created a favorable investment climate, which was accompanied by a corresponding contractual base. To date, bilateral cooperation agreements have been signed with many countries, in particular, on investments and their attraction," Abdullayev said.

The head of AZPROMO said there are no restrictions on currency exchange, as well as technology transfer from foreign investors.

"Due to its strategic location, Azerbaijan, which is located at the junction of Europe and Asia, has a good opportunity for the development of railway lines. Again, this is also facilitated by the country's infrastructure and the availability of North-South, East-West transport links passing through our country [Azerbaijan] to China and to Poland, up to Finland. Another indicator of the successful development of the national economy is the creation of industrial parks with access to investment incentives," Abdullayev said.

He further noted that agriculture, industry, engineering are those areas, the development of which, as part of the strategic road maps of Azerbaijan, get great attention and is provided the necessary support at the state level.

He noted that AZPROMO's mission is to support the development of the non-oil sector in general, and in particular to export and attract foreign investment into the country.

AZPROMO purposefully uses appropriate mechanisms to attract foreign investment in the country, he said.

We are ready to advise our Russian partners in the framework of B2B meetings and actively cooperate in a bilateral format.

Baku hosted a meeting of Azerbaijani and Russian entrepreneurs. The event was attended by Azerbaijan’s Economy Minister Shahin Mustafayev, Chairman of the Board of the Azerbaijan-Russia Business Council Samad Gurbanov, Acting President of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) Yusif Abdullayev, and Chief Director of the Russian Export Center Andrey Slepnev.

The Russian delegation consisted of representatives of more than 60 Russian companies operating in various sectors of the economy, including agriculture, ICT, automotive engineering, chemical industry and other sectors.

According to Azerbaijan’s State Customs Committee, Azerbaijan’s trade with Russia amounted to $2.55 billion in 2018, including the export of Azerbaijani products worth $665.74 million to Russia.

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