TODAY.AZ / Business

Azerbaijan creates conditions for Montenegro's investments in various sectors of economy

25 June 2019 [17:53] - TODAY.AZ

By Trend

Diversification of the national economy, implying decrease in energy dependence and the development of the non-oil sector is priority of Azerbaijan’s state policy, Head of the Azerbaijan Export and Investment Promotion Foundation (AZPROMO) Yusif Abdullayev said at the Azerbaijan-Montenegro Business Forum held in Baku June 25, Trendreports.

Serious measures are being taken in this direction, including in the sphere of encouraging investments and expanding exports, he added. He noted that real steps are being taken in order to increase the share of the non-oil sector in Azerbaijan’s GDP.

“AZPROMO is doing a big job of attracting foreign investments in Azerbaijan from Europe, including Montenegro, and in turn, Azerbaijan is creating the necessary conditions for investing in various areas of Montenegro,” he said. “The lion’s share of Azerbaijan’s foreign trade turnover accounts for oil and gas; nevertheless, we strive to increase the export volumes of the non-oil segment.”

He added that Azerbaijan has an impressive transit potential, the country is a participant and initiator of the implementation of East-West and North-South transport routes.

The creation of the Baku International Sea Trade Port in Alat settlement, 70 kilometers from Baku, plays a significant role in terms of transit of goods, export and import operations, which is evidence of infrastructure development in Azerbaijan, he said.

According to Doing Business 2019 report, Azerbaijan ranks 25th among 190 countries, he noted, adding that compared to 2018, Azerbaijan improved its indicators by more than 30 points.

Azerbaijan has been ranked among the top countries in the field of reforms carried out in various segments of the economy, he said.

As a result of these reforms, a number of bureaucratic delays were eliminated, licenses for entrepreneurs were issued in the country on the basis of the single window principle, and a number of licenses were abolished in order to facilitate doing business in the country, he noted.

During the exports, no duty is required, it is completely exempt from all types of taxes, he added. He noted the importance of export missions, so that Azerbaijan’s potential partners abroad invest not only goods, but also services in the country.

“To this end, an institute of trade missions has been created, which function in four directions: in China, Russia, the UAE and Eastern Europe,” he said. “Industrial parks have been established in order to invest in Azerbaijan and find local partners. This is while the attitude to a local and a foreign investor is absolutely the same. Our partners can easily repatriate their profits. In a word, Azerbaijan has created optimal conditions for developing the business climate and encouraging the export of foreign investments.”

“Accordingly, our partners in Montenegro can also take advantage of this opportunity, they can invest in Azerbaijan and jointly participate in the development of new business promotion mechanisms in the two countries, with subsequent entry into new markets,” he added.


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