The U.S.-Azerbaijan Chamber of Commerce said on Monday that a recent ranking of best countries for business published by Forbes has Azerbaijan at 60th place out of 146 countries.
Forbes said the country has made impressive strides in its economic development. Growth of oil and gas exports have allowed twofold growth in banking, construction and real estate, Forbes said.
Oil export via the Baku-Tbilisi-Ceyhan, Baku-Novorossiysk and Baku-Supsa pipelines is considered the main economic factor and efforts on raising oil exports continue. Upon completion of work over the south gas corridor between Azerbaijan and Europe, oil export revenues will grow, Forbes said.
Forbes did note that the Nagorno Karabakh conflict is hurting the development of the country's economy. Forbes also said Azerbaijan trade with former Soviet states and Russia has declined but is increasing with the European Union and Turkey.