Baku, Azerbaijan, June 18
By Matanat Nasibova – Trend:
The European companies operating in Azerbaijan expect further reforms from the government, in particular in the tax and customs policy, as well as in education sector and legal system, according to the report of the German-Azerbaijani Chamber of Commerce on the basis of a survey on business environment conducted among the European companies operating in Azerbaijan, Trend reports.
According to the survey, 17 percent of businessmen were in favor of carrying out reforms in the tax sphere, 16 percent - in the customs sphere. Some 13 percent of respondents were in favor of continuing reforms in legal sphere and education sector.
According to the investors, the governmental reforms have a positive impact on the business environment in Azerbaijan. At the same time, the reform process should be intensified and expanded for sustainable economic development.
According to the respondents, the rise in oil prices and the stability of the dollar rate against the manat in 2018 contributed to the economic growth in Azerbaijan. After the sharp decline in the world oil prices in 2014, which resulted in economic stagnation, Azerbaijan’s economy increased again as a result of the partial commissioning of the Southern Gas Corridor.
GDP grew by 1.4 percent in 2018. GDP is expected to increase by more than twofold up to 3.4 percent in 2019 thanks to the tight control over inflation.
The report of the German-Azerbaijani Chamber of Commerce includes the results of a survey of 130 European companies operating in Azerbaijan, as well as personal interviews with representatives of 20 companies involved in 10 leading sectors of the Azerbaijani economy.