Shadow economy in Azerbaijan to be minimized
BAKU, Azerbaijan, Feb.3
By Asif Mehman– Trend:
It is necessary to ensure the attraction of foreign direct investment in the country's economy, including strategic investors in infrastructure areas, Trend reports citing the order of Azerbaijani President Ilham Aliyev (On national priorities for social and economic development ‘Azerbaijan 2030’) approved on Feb.2.
However, in this case, the focus should be on the protection of the national interests of the country and effective regulation of investments by creating a competitive environment for foreign investors.
"It is necessary to improve the economic efficiency of public investments and the activities of state-owned companies, as well as to increase the level of transparency in this area. Also, it is necessary to create a basis for the activities of state-owned companies within the framework of commercial principles, as well as apply corporate governance standards taking into account the best international practices, and ensure an increase in the level of profitability," said the order.
"The shadow economy must be minimized and the level of transparency in the private and public sectors must be brought to the highest standards. The use of a modern culture of corporate behavior in economic management should be expanded and encouraged, the fight against corruption should be strengthened, and a modern civil service system and ethics should be formed to meet new challenges," said the presidential order.