The business environment in Azerbaijan has been changing and developing in recent years. Due to the state's economic policies and international relations, business opportunities in the country may expand further in several areas over the next 10 years.
Vugar Bayramov, a Member of the Azerbaijani Parliament and a prominent economist , outlined the country’s strategic priorities for the next decade. He emphasized that Azerbaijan is focusing on sectors aligned with global trends, including the green economy, information technology, and tourism.
Bayramov highlighted the rising significance of the green economy, stating, “Over the next 10 years, Azerbaijan will prioritize industries that address global challenges and trends. This includes a growing focus on the production of environmentally friendly products and services. Such initiatives are vital for both export markets and domestic consumption, especially as green products gain prominence worldwide. The goal is to ensure sustainability and competitiveness in the global market.”
He stressed that this shift is expected to lead to increased demand for export-oriented green products and services within Azerbaijan, reflecting the global push for sustainable development.
Bayramov also underscored the growing importance of information technology (IT) and online services. “The transition to cashless payments has significantly boosted the demand for digital services,” he explained. “In the coming years, we anticipate increased opportunities for businesses in IT and online services. Moreover, Azerbaijan is likely to see the expansion of the virtual currency market, encompassing both electronic money and cryptocurrencies.”
He noted that the Central Bank of Azerbaijan is already exploring blockchain technology and cryptocurrency policies, which could pave the way for innovative business ventures. “The virtual currency market has the potential to become an attractive sector for Azerbaijani businesses,” Bayramov added.
Tourism remains a cornerstone of Azerbaijan’s economy, and Bayramov predicts significant growth in this sector, particularly in the liberated territories of Karabakh and Eastern Zangezur. “These regions hold immense tourism potential, which we aim to capitalize on in the coming years. Health tourism, in particular, is expected to see increased demand, catering to both domestic and international visitors,” he said.
He highlighted that health tourism could secure a more prominent role in Azerbaijan’s tourism industry as entrepreneurs develop specialized offerings. This aligns with broader trends in global tourism, where wellness and health-related travel are gaining traction.
The economist also pointed to emerging opportunities in agriculture and food production. “There is growing demand for processed food products and ecologically clean food. These sectors offer significant potential for Azerbaijani businesses, particularly in export markets,” Bayramov explained.
He added that tapping into these opportunities could not only enhance revenue streams for local businesses but also strengthen Azerbaijan’s position in international markets.
Tədqiqatın məqsədi Azərbaycan 2024 cü il dövlət büdcəsinin mövcud vəziyyətini araşdırmaqla, ölkənin dinamik, iqtisadi- sosial inkişaf tələblərinə müvafiq olaraq və 2025-ci ilin büdcə proqnoz göstəricilərini təhlil edib qiymətləndirməkdir. Araşdırmada büdcə xərclərinin strukturunun iqtisadi inkişafa təsir mexanizmləri araşdırılır.
Download fileRestoring its territorial integrity, the Republic of Azerbaijan has entered a new era. The state authorities have to carry out restructure and infrastructure building tasks in the liberated territories to provide energy, utilities, transport infrastructure, and create conditions for life and business of citizens returning to their native lands. Therefore, one of the main features of the state budget for 2021 is the creation of financial security to implement the aforementioned honorable and responsible tasks. Along with their implementation, the budget for 2021 envisages the creation of financial guarantees for further improvement of the people’s welfare, sustainable economic development, and implementation of state programs.
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This independent evaluation aims to investigate the implementation of the 2020 State Budget of Azerbaijan. The pandemic, which has lasted since 2020, has brought significant changes in the world. The changes in terms of both quality and quantity were reflected in the economic environment and individual’s livelihood. Because of the requirement for long-term quarantine conditions to battle the pandemic, both developed and developing countries have experienced economic downturns.
Azerbaijan became the country among the post-soviet countries, that allocated the largest share of GDP, in order to eliminate the economic challenges caused due to the outbreak of COVID-19. Providing favorable economic conditions in the post-pandemic period is as crucial as supporting the economy during the period of the pandemic. It is an undeniable fact that the impact of the pandemic on the economy might be fully assessed only over time. Experience demonstrates that early evaluation may lead to even greater recession and instability. This paper aims to demonstrate the challenges faced by Azerbaijan in the framework of the fight against a pandemic. Since the economy of a country was affected, a detailed analysis may provide a better understanding of the outcome, enlightening the areas which need more support and development.
Impact of COVID-19 on Economy CESD Paper