Page 52 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.72, # 1, 2015, pp. 50-60

the real GDP growth rate and current account balance of Azerbaijan is forecasted to be

2.5% and 8.2% respectively in 2016 [page: 35].

The factors such as economic stability, FDI-friendly laws, low taxes, highly

qualified and motivated labor pool, abundant natural resources, emergence as a regional

information-communication technologies and transport hub, fast developing

infrastructure and ease of doing business make Azerbaijan very attractive for foreign

investors. Azerbaijan continues to promote free competition, implements trade

facilitation measures, carries out economic reforms, creates more favorable investment

and business climate by offering competitive environment for investors. Azerbaijan‘s

foreign trade regime is liberal and country continues to further liberalize its foreign

trade, diversify export structure, efficiently utilize export potential, increase the share of

non-oil products in exports and promote export-led growth, as well as ―Made in

Azerbaijan‖ brand. Azerbaijan notifies the WTO (World Trade Organization)

Secretariat twice a year about trade and trade-related measures taken in the country,

despite being an observer. Besides, the country have established SPS (Sanitary and

Phytosanitary Measures), TBT (Technical Barriers to Trade) and services contact points

at the relevant government agencies to deal with enquires from the WTO members.

2. State Programmes

In order to develop rural areas, eliminate discrepancy between the capital and

regions, diversify the economy, ensure socio-economic development and economic

stability, a number of State Programmes such as, State Programme on reliable food

supply of population in the Republic of Azerbaijan (2008-2015), State Programme

52