Baku, December 12, AZERTAC

The Nakhchivan Autonomous Republic has become a leader of the 2018 investment rating of the economic regions of Azerbaijan, prepared by Caspian Energy International Media Group with the support of the Caspian European Club, for the second time. First Deputy Chairman and CEO of the Caspian European Club Telman Aliyev stated.

According to Telman Aliyev, the rating showed the results of the economic reforms and social policy of the regions, which are implemented under the leadership of President of Azerbaijan Ilham Aliyev, and will be published in the next issue of the Caspian Energy journal.

Telman Aliyev noted that the Nakhchivan Autonomous Republic made significant progress in social-economic, science-cultural, construction, industrial and agricultural areas, as well as in the field of tourism, transport and communication, infrastructure, increase of production and improving of the welfare of the population. He noted that the progress, which had been made, resulted in significant growth of the economic potential of the Autonomous Republic. All of this was seen by the participants of the 6th International Caspian Energy Forum Nakhchivan-2018 which was held on June 14 at the Nakhchivan business center with the participation of the officials of the Nakhchivan Autonomous Republic, as well as executives and representatives of leading Azerbaijani companies.

The prime feature of the 2018 rating is the fact that the Azerbaijan economy’s dependence on conventional sources of energy has been steadily declining. The share of alternative and renewable sources in the energy balances of the regions is getting bigger. Owing to a high generation of ecologically clean energy, the Nakhchivan Autonomous Republic has once again moved to the first place of the general rating of Caspian Energy and become its undisputed leader for the second year in a row.

This year’s rating has assessed 11 economic regions of Azerbaijan (Absheron economic region, Ganja-Gazakh economic region, Shaki-Zagatala economic region, Lankaran economic region, Guba-Khachmaz economic region, Aran economic region, Yukhari Karabakh economic region, Kalbajar-Lachin economic region, Daghlig Shirvan economic region, Nakhchivan economic region).The regions were ranked according to 18 parameters classified in 6 groups - social-demographic profile, socio-economic status, business climate, infrastructure, feel-good factor and agriculture.

Telman Aliyev recalled that Ganja-Gazakh economic region, which got the highest total score in 2016, became a leader among the regions. The Nakhchivan Autonomous Republic became the rating leader in 2017.

The Caspian European Club, which brings together more than 5,000 member companies and organizations from 70 countries around the world, was established in June 2002 with the support of the largest oil and gas companies working in the Caspian-Black Sea region and with the active involvement of the Caspian Energy International Media Group.