Baku, Azerbaijan, July 1, 2009—An
IFC survey found that further business environment reforms in
Azerbaijan could yield significant savings to the business
sector and the government alike and would attract new foreign and domestic
investment and generate more jobs.
Conducted by the IFC Azerbaijan Business
Enabling Project in early 2008, the survey examined the local business
environment from the viewpoint of small and medium enterprises and
individual entrepreneurs. A report on the survey’s findings said
reforms in a number of specific areas such as licensing and permits, business
inspections, taxation, access to finance, and foreign trade would boost
private sector growth in Azerbaijan.
Niyazi Safarov, Deputy Minister of Economic Development, said the government
will continue to cooperate with IFC in training local specialists
to monitor the business enabling environment based on international methodologies,
preventing interference with the development of entrepreneurship, and improving
state supervision of entrepreneur protections.
Aliya Azimova, IFC Country Officer for Azerbaijan, said the Azerbaijan
government is moving quickly to improve the local business environment,
and could do even more by targeting specific areas. “The development of
the non-oil sector, growth of SMEs, and the attraction of investments could
help the country’s economy remain sustainable despite the global economic
crisis and ensure a stronger competitive position internationally,” she
IFC partnered with the Swiss State Secretariat for Economic Affairs and
BP on behalf of its co-venturers to launch the Azerbaijan Business Enabling
Environment Project in August 2008. This five-year program is designed
to support the government’s efforts to improve the business environment
for entrepreneurs and ensure sustainable and diversified economic growth.
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous
year. For more information, visit www.ifc.org.