Minister: Azerbaijan's business, investment climate constantly improving

By Azernews

By Ayya Lmahamad

Azerbaijani Economy Minister Mikayil Jabbarov has said that the country's business and investment climate is constantly improving.

He made the remarks while speaking at the online panel session “roundtable on sustainable investments” at the 7th World Investment Forum.

Jabbarov added that the legislation, business registration, tax and customs systems are being improved.

The minister expressed confidence that the forum will contribute to the steps taken to improve the investment climate, and informed about the priorities of the country's investment policy.

He noted that the restoration of the country’s liberated territories created new challenges and realities for development and increased the investment attractiveness of the country's economy.

Speaking about the impact of the COVID-19 pandemic on the national economy, Jabbarov noted the relevant support measures from the Azerbaijani government, as well as priorities for the country’s socio-economic development until 2030.

Moreover, Jabbarov emphasized that attracting local and foreign investment, sustainable development of the non-oil sector are of particular importance to support a comprehensive recovery of the country's economy in the post-pandemic period. In this regard, he noted that industrial zones, the Alat FEZ, are favorable mechanisms for revitalizing investment activity.

The minister added that the Azerbaijan Center of the Network of Centers of the Fourth Industrial Revolution of the World Economic Forum, which started operating on April 1, 2021, has contributed to the development of the digital ecosystem in the country.

He underlined that the Fourth Industrial Revolution is an important platform for developing a green economy and attracting investments, giving impetus to the rapid implementation and application of technologies.

The forum was attended by the representatives of Turkey, Russia, China, Germany, Great Britain, Korea, Mexico, Thailand, Egypt and other countries. The participants discussed priorities of economy, industry, trade and investment in the formation of national and international investment policy for the coming years. In addition, speeches on accelerating investment in key sectors for sustainable recovery were heard and discussed.