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Azerbaijan's business environment to help unlock UK investment in various sectors - ambassador

Economy Materials 25 January 2023 11:09 (UTC +04:00)
Azerbaijan's business environment to help unlock UK investment in various sectors - ambassador
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, January 25. The UK has established economic and customs working groups to create opportunities to discuss how Azerbaijan can improve its business environment, Fergus Auld, UK Ambassador to Azerbaijan, told Trend.

"When UK companies' feedback is listened to and acted upon, it helps drive investor confidence. Regular public and private consultation and clear communication with businesses are important to improve the investment climate," he said.

According to the ambassador, the UK has been the largest foreign investor in Azerbaijan for the last three decades, with over 400 UK companies on the ground.

"UK companies contribute to Azerbaijan's economy through job creation, investments in learning and development of local talent, education and community development. A significant number of Azerbaijani professionals hold competitive positions in UK companies and the skills of the highly-trained workforce are utilized to service international clients, which demonstrates the quality of learning and development and the competitiveness gained by Azerbaijani professionals," he said.

Although most UK investment to date has been in the energy sector, the focus now is on supporting Azerbaijan's economic diversification, the ambassador noted, adding that "confidence in Azerbaijan's business environment will help unlock UK investment in other sectors".

"Continuing progress made in legal and judicial reforms through their effective implementation is also critical for attracting foreign direct investment. We see that improving state-owned enterprises (SOEs) efficiency and performance is a key government priority. The establishment of Azerbaijan Investment Holding (AIH) provides an opportunity to accelerate reforms. Reform of SOEs can support private sector-led growth, enable the private sector to effectively compete in sectors dominated by SOEs, and open up new investment opportunities in Azerbaijan," Auld concluded.

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