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Friday, October 20, 2017

European Bank for Reconstruction and Development announces economic development plans for Azerbaijan

The European Bank for Reconstruction and Development (EBRD) has developed new plans for the Azerbaijan economy, with specific efforts going toward promoting a market-oriented economy, diversifying and developing a sustainable financial sector, and improving the business environment.

The new draft strategy would operate between 2014 and 2017, Azernews reports.

The bank will be involved in such projects as hydrocarbon production and the introduction of best management practice.

"The involvement of the country in such strategically important projects as the Southern Gas Corridor will contribute to the diversification of export routes and energy security of Europe," the EBRD said, according to Azernews. "The government has made some improvements in tax administration with a view to both reducing tax compliance costs for businesses and increasing tax collection rates. The new Customs Code, which came into effect in January 2012, includes strengthened provisions in various areas that are expected to bring regulations into line with international standards (including verification of the country of origin, valuation methods, single window principle in customs administration, customs audit, and electronic submission of information on goods to the customs authorities)."

The document also referenced the recent launch of construction on the international port. It also detailed the improvement of energy efficiency in Azerbaijan and the country's involvement in the non-oil sector.