Doing Business in Azerbaijan. Azerbaijani Economy

Course summary: trade and business in Azerbaijan:

The Republic of Azerbaijan (Azərbaycan Respublikası) is strategic situated between Asia and Europe. Azerbaijan is situated in the south-eastern part of the Southern Caucasus and shares borders with the Russian Federation, Iran, Turkey, Georgia and Armenia, and with Kazakhstan and Turkmenistan (across the Caspian Sea).

The Republic of Azerbaijan is one of the fastest developing countries. The Gross domestic product (GDP) of Azerbaijan grew 14.6% yearly to 14.309 billion manat (AZN, the currency of Azerbaijan) in January-May 2008, while the Gross domestic product (GDP) growth for 2007 was 25%.

Azerbaijan is classified as the top reformer (WB "Doing Business 2009" survey), with improvements on 7 / 10 indicators of regulatory reform.

The Government of the Republic of Azerbaijan is promoting Foreign direct investments (FDI) into Azerbaijan.

Azerbaijan is one of the world leading countries by the attraction of Foreign direct investment (FDI). The privatization process is one of the greatest tools of attraction of FDI into the non-oil sector of Azerbaijan.

Institutions, Agreements and FTA of Azerbaijan Community of Independent States (CIS) Economic Cooperation Organization (ECO) Regional Organization Democracy Economic Development (GUAM) Black Sea Economic Cooperation (BSEC) Black Sea Synergy (EU) European Union (EU) - South Caucasus

European Neighbourhood Policy (ENP) Organization Islamic Conference Islamic Development Bank Asian Development Bank (ADB) Economic and Social Commission for Asia and the Pacific (ESCAP) Economic Commission for Europe (UNECE) European Investment Bank (EIB)

Example of the course doing business in Azerbaijan:

Near 91% of products exported from Azerbaijan (19 billion USD) are exported to non- Commonwealth of Independent States (CIS) countries, while 9% (2 billion USD) are exported to Commonwealth of Independent States (CIS) countries.

58% of the export products was carried out with the European Union (32%), Asia (8%), America (1%).

Azerbaijan has deep biletareal trade relations with Italy, France, Russia, Israel, the United States, Ukraine, Turkey, People's Republic of China, Croatia, Indonesia, Malaysia, Singapore, Germany and Georgia. Great Britain, the United States, Japan, France, Norway, Czech Republic and Turkey contributed 1289.4 million manat (87%) out of the total of Foreign direct investment (FDI).

Baku International Sea Trade Port was created in 1902; is the major and the most important of Caspian Sea ports.

The biggest industry in Baku is petroleum. State Oil Company of Azerbaijan Republic (SOCAR) is one of the major oil companies in the world.

Azerbaijani language is official language of Azerbaijan and the mean of linguistic communication of the 8 million population of Azerbaijan.

Azerbaijan is member of the United Nations (UN), Organization of Security and Cooperation in Europe (OSCE), Council of Europe (CE). Azerbaijan one of the founders of the GUAM regional group.

Azerbaijan also actively cooperates with the European Union, NATO, International Monetary Fund, European Bank for Reconstruction and Development, ...