BAKU, Azerbaijan, Dec. 18
By Fidan Babayeva - Trend:
Optimization of customs tariffs in Azerbaijan to meet the challenges facing foreign business will contribute to the government's efforts to turn the country into a transport and logistics hub of Eurasia, Trend reports with reference to the "Report on Foreign Business in Azerbaijan for 2020" prepared by the German-Azerbaijani Chamber of Commerce (AHK Azerbaijan) and KPMG Azerbaijan.
In accordance with the report, foreign companies doing business in Azerbaijan plan to expand and increase investments in 2021.
The authors of the report surveyed 450 companies with foreign capital in Azerbaijan from June through July 2020. A great number of respondents (39 percent) assessed the current state of the Azerbaijani economy as stable.
Given the high degree of uncertainty behind expectations of stability, a quarter of the surveyed foreign investors found the current state of the economy unpredictable.
Despite the uncertainty in forecasts, more than half of respondents (55 percent) expect the consequences of the pandemic to be relatively short-lived.
The survey participants represent 32 countries, 63 percent of the surveyed companies have been operating in Azerbaijan for more than 10 years, more than 90 percent of the respondents represent the segment of small and medium-sized businesses.
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