Azerbaijan Has the World's Fastest Growing Economy

As of the beginning of the period of independence, the country's economic development can be divided into two phases. The first phase covers the years of 1991-1995 and can be characterized with economic chaos and regression. The second period started in 1996, and is the period of sustainable macroeconomic stability and dynamic economic development.

Today, the Republic of Azerbaijan is one of the fastest developing countries in the world. According to the statistics of the first half of 2008 Azerbaijan's GDP grew 14.6% year-on-year to 14.309 billion manat in January-May 2008, while the GDP growth for 2007 made 25%.

The Government of the Republic of Azerbaijan is promoting making foreign investments into the country, and it should also be noted that the Republic of Azerbaijan is one of the world leading countries not only by the high GDP growth but also by the attraction of foreign investments.

The total volume of investments made into the country in 1995-2007 comes up to almost 50 billion US dollars. In January-May of 2008,  the capital investment in Azerbaijan's economy grew 21.7% year-on-year to 2.696 billion manat.

The privatization process is one of the greatest tools of attraction of foreign investments into the non-oil sector of Azerbaijan. Foreign companies can participate in the domestic privatization process.  For that, the local privatization legislation envisages transparent and clear mechanisms of participation of foreign companies the privatization process.

Azerbaijan, an independent state expanding and deepening its activity at the regional and global levels and cooperation ties at the international arena, has become a member to a number of international organizations including the United Nations Organization, Organization for Security and Cooperation in Europe, European Council, the Organization of the Islamic Conference and a number of others. Azerbaijan Republic is one of the founders of the GUAM regional group.

The Republic of Azerbaijan is implementing projects together with European Bank for Reconstruction and Development, Asian Development Bank, International Monetary Fund, Islamic Development Bank, Black Sea Trade and Development Bank and other organizations.  

The rich and colorful nature of the regions of the country creates opportunities for development of tourism here. It's also worth paying attention to the sea, mountainous resort zone, mineral and natural resources of the Republic.

The world's top performer in "Doing Business"

Azerbaijan led the world as the top reformer in World Bank's "Doing Business 2009" survey, with improvements on seven out of 10 indicators of regulatory reform. Azerbaijan eliminated the minimum loan cutoff of $1,100, more than doubling the number of borrowers covered at the credit registry. Also, taxpayers can now file and pay their taxes online. Azerbaijan's extensive reforms moved it far up the ranks, from 97 to 33 in the overall ease of doing business.