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Official: Azerbaijan's economic progress hinges on competitive market dynamics

13 May 2024 16:48 (UTC+04:00)
Official: Azerbaijan's economic progress hinges on competitive market dynamics
Nazrin Abdul
Nazrin Abdul
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Mammad Abbasbeyli, head of the State Service for Antimonopoly and Consumer Market Control under the Ministry of Economy, underscored the pivotal role of competition in elevating Azerbaijan's economy to global standards at the Summit of Supply Chain Leaders, Azernews reports.

Highlighting that economic stability rests on fostering a fiercely competitive environment, Abbasbeyli emphasised the potential of such an environment to fuel entrepreneurship.

"Azerbaijan has taken significant strides towards this goal. Thus, the Competition Code has been adopted in our country, and important steps are being taken in the direction of improving the business environment and transparency. Competition is an important factor in turning Azerbaijan's economy into a world-class economy and ensuring that small companies reach the level of major companies," he stated.

Abbasbeyli further noted the inclusion of nine companies in Azerbaijan's registry of unreliable suppliers this year, barring them from government procurement for up to three years.

"I urge these blacklisted companies not to perceive this as punitive but as an opportunity for self-improvement. This period should be utilised to rectify deficiencies and enhance operational efficacy," he added.

Abbasbeyli also highlighted the increased activity of Azerbaijani companies in tenders for operations in liberated areas. He mentioned that the number of companies participating in competitions held in the territories freed from occupation ranges between 12 and 17.

"This is a very positive development. We are encouraged by the interest in activities in the liberated areas. We anticipate further growth in this activity, which will in turn inspire other entrepreneurs to engage in this direction.

Abbasbeyli stated that the total value of state procurement in Azerbaijan for this year is projected to reach nearly 8 billion manats. He highlighted that last year saw an 11.3% increase in state procurement compared to 2022, amounting to 7 billion, 545.5 million manats.

"We anticipate further growth this year, with significant advancements in electronic procurement," he added. Abbasbeyli said that with procurement now fully electronic, its volume for this year is expected to be 100%.

It should be noted that on May 13, 2024, the Summit of Supply Chain Leaders is being held for the first time in Azerbaijan. The purpose of this event, organised in Baku, is to facilitate the exchange of knowledge and experiences in supply chain development and management, identify cost-effective solutions for supply chain processes, and introduce digital tools aimed at streamlining procurement processes and enhancing efficiency.

The event has attracted participation from up to 600 professionals, including supply and purchasing managers, manufacturers, distributors, wholesalers, retailers, and consumers from both the public and private sectors.

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