Switzerland praises Azerbaijan's structural, economic reforms

By Trend

An article entitled "What do reforms promise to the Swiss companies in Azerbaijan?" was published on the website of the Swiss Chamber of Commerce for Eastern Europe, South Caucasus and Central Asia, Trend reports on Feb. 20.

According to the article, the structural and economic reforms carried out in Azerbaijan in 2019 reached their peak. The new policy was carried out in the public administration. The executive structures were reconstructed. The reforms were also carried out in the country's parliament. To bring the legislative body in line with the growing pace of reforms, the early parliamentary elections were held in the country.

During the elections held in Azerbaijan on February 9, over 1,300 candidates were struggling for 125 MP mandates, which testifies to the holding of elections in highly competitive conditions. The elections reflect the will of people. The new parliament is expected to further accelerate the reform process.

The article includes the indicators of Azerbaijan’s economic growth as a result of the conducted reforms. The GDP growth at 2.2 percent and the non-oil sector growth at 3.5 percent in 2019 were also stressed.

During the reporting period, inflation rate amounted to 2.6 percent while strategic foreign exchange reserves increased by $6.4 billion and reached $51 billion. Thanks to the reforms in the tax and customs sectors, tax revenues to the budget in 2019 increased by 3.5 percent.

The international organizations also paid attention to the reforms carried out in Azerbaijan. Thus, Azerbaijan was included in WB’s Doing Business 2019 report among 20 leading reformers and moved up 11 points in the ranking of the Global Competitiveness Report of the World Economic Forum, ranking 58th.

The reforms in Azerbaijan also create great opportunities for the Swiss companies. The successful business experience of such companies as Stadler Rail and Holcim must inspire other Swiss companies to focus on Azerbaijan, offering favorable opportunities, given political stability and economic potential.