At the online seminar discussed "New trends in cross-country investment flows"
On December 12, 2022, held the next online scientific seminar at the Institute of Economics. The event chaired by the director general of the institute, D.Sc., professor Nazim Muzaffarli (Imanov) was attended by a number of government agencies - the State Tax Service under the Ministry of Economy, the Ministry of Digital Development and Transport, the Agrarian Research Center of the Ministry of Agriculture, the Chamber of Auditors, the State Statistics Committee, Karabakh Revival Fund and higher educational institutions - Mingachevir State University, Baku Business University, also UNEC - participated.
At the seminar, Yusif Abdullayev, executive director of the Export and Investment Promotion Agency of the Republic of Azerbaijan - AZPROMO, made a presentation on "New trends in cross-country investment flows". The speaker gave extensive information about the main directions of activity of AZPROMO, the projects implemented by them.
The executive director noted the importance of attracting foreign investments to the country's economy, the project of "Export Academy", the strategy for the promotion of foreign direct investments for 2023-2026, the brand of "Made in Azerbaijan", export missions, business forums with the participation of local and foreign entrepreneurs, also he spoke about the business forums, international exhibitions, business meetings and conferences held with the participation of local and foreign entrepreneurs. He said that "Made in Azerbaijan" brand includes 10 different mechanisms - support measures in order to promote the brand abord and stimulate exports. Depending on the support measures, the costs related to their implementation are fully or partially covered by the state budget. Every exporter engaged in the export of non-oil products of Azerbaijani origin has the right to apply for these support measures.
Y.Abdullayev noted that foreign investors show great interest in investing in Azerbaijan. Because our economy is developing steadily, and is recorded economic growth. The new investment strategy covering the years 2023-2026 envisages attracting investments to the non-oil sector. Central Asia, China, and the Gulf countries are considered a priority as regions with the main investment potential. AZPROMO works with investors and considers their proposals. One of the tasks of AZPROMO is to make proposals to the government regarding the improvement of the investment environment.
The speaker taked about the interest of foreign investors in Azerbaijan's non-oil sector, meetings with them, joint projects, risks and problems in this field.
Then were answered the questions, the possibilities of attracting foreign investments to the economy of Azerbaijan and were widely discussed the potential of increasing non-oil exports.
The main area of interest of foreign investors in Azerbaijan, investment projects, investment promotion mechanisms, investment flows in the world, international trends, political interests related to investments, promising and attractive fields in our country - tourism, alternative energy, construction, chemical industry were in the focus of attention. Especially mentioned the importance of attracting investors to these areas, increasing the impact of investments on GDP, confidence in business, protection of investments, problems related to our export potential, attracting investments to the non-oil sector, studying world experience (Germany, England, Turkey, South Korea) and application opportunities in our country, investment environment, competition and risk factors, exporters' problems.
Y.Abdullayev noted that the main goals of AZPROMO are attracting investments to local production, increasing the number of exporters and export products, increasing the export of local industrial products, increasing the exporter's logic in entrepreneurs. It is planned to prepare export potential statistics of each region. Including incentive mechanisms are planned for attraction of investments in Karabakh. Investors are interested in investing in land and doing business in the territories freed from occupation. But first, complete security must be ensured in that region. After that, large-scale foreign investments are expected to be made in the region (economics.com.az).
