Baku, Azerbaijan, Nov. 15
By Azad Hasanli – Trend:
American Chamber of Commerce in Azerbaijan (AmCham) has offered to establish a single agency in the country (similar to or within the ASAN Service) for all operational interactions between foreign investors and governmental authorities.
This was reflected in the 6th edition of the document (White Paper) called “Observations and Recommendations for Improving Azerbaijan's Business Climate” prepared and presented to the Office of the President of Azerbaijan.
“Services of this agency would be available to all foreign investors whose investment in Azerbaijan exceeds a certain threshold,” said the document. “Ideally, the agency would significantly reduce routine bureaucracy and make Azerbaijan a much easier place to do business with.”
In order to make sure that this agency provides the necessary protection to the foreign investors, it should report directly to the president of Azerbaijan, according to the document.
“The government of Azerbaijan has had strong success in attracting foreign direct investment into the oil and gas sector of economy,” reads the document. “As we noted earlier, we believe that there is a need to generate similar success in the non-oil and gas sectors as well.”
As competition for foreign direct investment in the region increases, Azerbaijan should take the steps to outperform its neighbors in becoming the most attractive market for the foreign investments, according to the document.
“A special economic court could be established, dealing specifically with foreign investors,” the document noted.
Another important measure could be setting a “guaranteed” tax regime (similar to PSA's) for foreign investors in Azerbaijan, AmCham said.
“In other words, the government will commit not to increase tax rates for investors for a specific period (for long term investments) or throughout the entire duration of the project (for shorter term investments),” the document said.
The White Paper reflects collective view of AmCham members on changes ensuring strength of business environment and ultimately, the country.
AmCham has been working in Azerbaijan since 1996 and currently consists of 270 companies representing more than 80 percent of foreign investments in the country.