Azerbaijan dealing with set of issues due to lower oil prices better than other countries - ambassador

Azerbaijan dealing with set of issues due to lower oil prices better than other countries - ambassador
  • Clock-gray 15:08
  • calendar-gray 23 December 2016

According to him, Azerbaijan’s economic fundamentals hold good prospects: its geographic location gives it a significant opportunity as a transportation hub, and its varied climactic zones benefit its agriculture sector: “It also has an educated labor force.  To a great extent where Azerbaijan will be in 25 years will be determined by the Azerbaijanis themselves. It is important, of course, not to rest on one’s laurels – in today’s world, for example, there is fierce competition for investment funds. Attracting (and keeping) investment capital through a strong, attractive business climate means having a strong, independent court system and a robust habit of respect for the rule of law. It will mean further improvements in Azerbaijan’s education system, further steps to improve transparency and to fight against corruption, and a sound, fair system of taxation. It will mean really understanding and accepting the realities of market economies and using them to build new companies, new jobs, and greater prosperity and well-being – something I repeatedly hear from Azerbaijanis that they want for their country”.  

 

“Azerbaijan is dealing with a set of issues due to the lower oil prices that other countries face and have faced in the past when prices fell. The current economic situation is that many oil-producing countries face challenges from the drop in world oil prices since mid-2014.  However, Azerbaijan is doing better than many others for a number of reasons, including because it invested much of its oil revenue through the State Oil Fund of Azerbaijan (SOFAZ)”, he added.

 

 

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