The Azerbaijani government needs to simplify the issuance of business visas, to continue reforming customs system and to encourage practices of foreign companies to attract labor resources to increase attractiveness of the country for foreign investors.
The Director of the American Chamber of Commerce in Azerbaijan (AmCham) Nargiz Nasrullayeva-Muduroglu said during a panel discussion in the framework of the Azerbaijan Investment Summit '2020 and further accelerating economic development' held in Baku on March 12.
Amcham director named information technology, transportation, agriculture, and tourism while answering the question about which economic sphere is mostly needed for the diversification of the economy. All these areas have a great potential, she said.
The Executive Director of the State Oil Fund of Azerbaijan (SOFAR) Shahmar Movsumov said that Azerbaijan is a small country with a limited domestic market, and the most appropriate economic model for the country is an export-oriented one. At the same time, Azerbaijan provides good opportunities for foreign investors, thanks to the preservation of economic stability of the country, improvement of the business environment, and favorable geographical position.
As Movsumov noted, Azerbaijan`s issuance of Eurobonds opens more of the country`s market to foreign investment.
The placement of Eurobonds was implemented successfully, and they were in great demand, he stressed.
Azerbaijan placed its debut Eurobond issue on March 10, amounting to $ 1.25 billion with $4 billion demand. The bonds were issued for a period of 10 years, with a yield of five percent per annum.
"If the share of oil sector in Azerbaijan's GDP was 60 per cent two years ago, now it has dropped to 40 percent. The state helps the process of diversification, increasing government spending on infrastructure projects," the executive director said.
Chairman of the Azerbaijani Pasha Bank Farid Akhundov drew attention to the fact that 80 percent of Azerbaijan's GDP today is generated through the private sector, which is a great achievement, as there was no similar private property 20 years ago.