Azerbaijan, Baku, Oct. 29 /Trend/
Over recent years, in terms of economy, Azerbaijan has become a dynamically and rapidly developing country. Having successfully completed the transition to economic development, Azerbaijan is now on the verge of its new stage. Azerbaijan's economy is today considered competitive. This fact has been proved in the recent competitiveness report by the World Economic Forum: Azerbaijan ranks firth as compared with other CIS countries. It should be noted that the revenues received from the successful oil strategy and aimed at the development of other sectors of the economy served the rapid growth of non-oil sector.
Watching the development of Azerbaijan's economy, major financial institutions worldwide mention its successful growth. The best-known press agencies worldwide publish articles about it periodically. In the Oct. 21, 2010 issue of influential British newspaper The Times, an article about a special report on Azerbaijan attracts attention. It should be noted that upon the order of the newspaper, Upper Reach Agency has prepared a report on the development of tourism, culture, economics and international relations of Azerbaijan.
In the article, special emphasis has been made on the dynamically developing relations between the UK and Azerbaijan. The article says that Britain is the largest single foreign investor in Azerbaijan, with more than 100 British companies operating in the country, and accounts for around 50 per cent of FDI in the oil and gas-rich republic and it results from favorable environment for foreign investors. In the last decade the total FDI stock in Azerbaijan exceeded $25 billion.
The original article can be seen at http://www.upper-reach.com/pdf/azerbaijan.pdf (in English).