BAKU, Azerbaijan, June 18. The
stability of the political system and economy is one of the key
factors in attracting investment to Azerbaijan, Executive Director
of the Export and Investment Promotion Agency (AZPROMO), Yusif
Abdullayev, said at the 14th Islamic Development Bank Group Private
Sector Forum, Trend’s correspondent reports from the event.
According to Abdullayev, Azerbaijan, located at the intersection
of East and West, has managed to maintain balance and stability
despite the challenging situation in the region.
"If you don't have a stable political system and a stable
economy, investors won't come to your country. Therefore, issues of
security and stability are of paramount importance. Over the past
two decades, the country has built modern infrastructure and
implemented major projects, including the Alat Free Economic Zone
and a network of industrial parks," he said.
He noted that Karabakh has been declared a territory with a full
tax exemption for a period of ten years.
"Similar tax incentives are available in the Nakhchivan
Autonomous Republic for foreign and local investors. Preparations
are currently underway for the second Azerbaijan International
Investment Forum, which will be held in Baku on September 25-26,
concurrently with the Formula 1 race. Through such international
events, we showcase the country's achievements and highlight
opportunities for investors. This helps strengthen Azerbaijan's
image as an attractive destination for business and investment,"
said Abdullayev.
At the same time, the AZPROMO executive director emphasized that
developing investment-attractive projects remains a key challenge
for attracting capital.
"The lack of bankable, investment-ready projects is a major
challenge for many countries. The more such projects there are, the
greater the opportunity to attract investors from around the
world.
Azerbaijan's leadership has succeeded in creating a favorable
investment climate that makes the country attractive not only for
business but also for life," he added.
