Report "Foreign Business in Azerbaijan: Business Climate Survey 2021" presented
On September 23, the German-Azerbaijani Chamber of Commerce (AHK) organized the presentation of the Report "Foreign Business in Azerbaijan: Business Climate Survey 2021" on the current economic situation and prospects for business development, as well as on the investment climate and the effectiveness of economic reforms in the country, and the event was attended by more than 100 representatives of local and international business circles.
Speaking at the event, Minister of Economy Mikayil Jabbarov underlined that the report "Foreign Business in Azerbaijan: Business Climate Survey 2021" published by the German-Azerbaijani Chamber of Commerce is a useful platform for identifying and analyzing the impact of the pandemic on the economy of our country, as well as for assessing ongoing reforms to minimize negative consequences, noting the importance of such reports from the point of view of studying the feedbacks of the business community and assessing business challenges. Mr. Jabbarov made the participants aware of the efforts done to improve the business and investment climate in the country, the development of the non-oil sector, regions and entrepreneurship, the impact of the pandemic on the business climate in Azerbaijan and the mechanisms of state support, and the logistics capabilities of industrial zones and Alat Free Economic Zone. Speaking about the Great Return to our liberated territories, which are among our National Priorities, the concepts of "smart city" and "smart village" to be implemented in these areas, the Minister Mikayil Jabbarov emphasized new business and investment opportunities here, the strategic importance of the Aghdam Industrial Park and noted that a new industrial zone would be created in the liberated areas.
Chairman of the AHK Azerbaijan’s Board Farid Isayev stressed the importance of widening public-private partnership, emphasizing the importance of state institutions and establishment of the Public Council under the Ministry of Economy in the development of a dialogue environment. Farid Isayev noted that during the preparation of the Report "Foreign Business in Azerbaijan: Business Climate Survey 2021", detailed surveys were conducted among foreign companies represented in our country, and that their views on the business environment, as well as their participation in the establishment and restoration of business in the liberated territories were studied. It was noted at the event that the AHK is closely following the rapid implementation of infrastructure projects in the liberated territories of Azerbaijan, and that the active work on the commissioning of the Fuzuli International Airport, as well as the construction of the Zangazur corridor create new business opportunities. The Executive Director stressed that AHK member companies have a concern in reconstruction projects in the liberated territories.
Deputy Executive Director of AHK Azerbaijan Nigar Bayramli made a presentation of the Report "Foreign Business in Azerbaijan: Business Climate Survey 2021". The report is based on the results of the Business Climate Survey conducted in May-July 2021 among representatives of foreign businesses operating in Azerbaijan. To prepare the report, a survey was sent to 270 foreign companies operating in Azerbaijan and representing 30 countries, and 130 reliable and complete answers were selected for evaluation. 88% of surveyed foreign companies cover micro-enterprises and SMBs. 67% of companies have been implementing their projects in Azerbaijan for over 10 years.
68% of respondents assessed the current state of the Azerbaijani economy as stable. In the previous report, this figure was 39%. 57% of foreign companies expressed their intention to expand their activities or make new investments in Azerbaijan. According to the results of the survey, 43% of the foreign companies would be able to participate in the restoration of liberated territories by areas of activity, 22% could participate in these projects, and 17% showed high interest. 60% of respondents recommend Azerbaijan as a favorable environment for doing business.
The report also reflects expectations for continued reforms to further improve the business climate.
Then the experts' opinions on the report were heard.