Brand 'Azerbaijan' continues development

/By AzerNews/

By Nigar Orujova

Azerbaijan, one of the most stable countries in the region, is continuing to develop its country brand, which this year was valued at $41 billion by Brand Finance.

The company ranked Azerbaijan 71st among 100 countries. The evaluation is based on a variety of country indicators, including its GDP, investment attraction, and business climate. The top five countries on the list were the United States, China, Germany, the United Kingdom, and Japan.

Last year, Azerbaijan stood in 70th place; however, the value of the brand had increased by 4 percent from 2014's $39 billion.

Among the other countries ranked this year, Russia took 18th place, while Turkey remained in the 19th position; Iran was 49th, and Georgia was ranked 93rd.

The rating confirms that Azerbaijan's brand is strong, but, the country has room for development before it reaches the status of its more advanced neighbors. This target seems achievable as the country is now taking determined steps to boost development.

Azerbaijan, a hydrocarbon-rich country, built its economy on the back of its natural resources for some two decades. It is now also developing its non-oil industries to stabilize the economy during these times of hardship for oil-producing nations.

Today, the country plans to earn dividends from its favorable position between the East and West and to develop entrepreneurship within Azerbaijan. To this end, it is promoting the export of non-oil products by introducing lower tariffs.

Special focus has been placed on infrastructure projects, which are profitable in both economic and social terms.

In recent years, work on the North-South transport corridor, which aims to link the railways of Iran and Russia via Azerbaijan, has intensified. Other major projects that are also gaining steam are the East-West corridor and the Baku-Tbilisi-Kars railway.

Through such projects, Azerbaijan is becoming a major hub that physically links the four points of the compass.

Azerbaijan is also developing its advanced technologies industry, which may further promote its brand. Another advantageous area to develop is tourism, and the country has all the right conditions in place to attract tourists in the region, given its long history and modern facilities.

The country is also hosting grand international events, which develops both tourism and brand recognition.

Earlier, the Doing Business- 2016 report prepared by the World Bank and the International Finance Corporation noted that Azerbaijan had entered the list of top 10 countries suitable for starting a business in.

In general, Azerbaijan has improved its position and was ranked 63rd in the Doing Business 2016 report, whereas last year, the country took the 80th place.

Today, Azerbaijan is gradually turning from a strict investment importer into an exporter country. Moreover, it recently adopted a decree to simplify licensing procedures for entrepreneurship and encourage business transparency.

Considering all this, the country's brand has plenty of room for development before it achieves world renown.