The Times publishes report on Azerbaijan
Baku, October 22 (AZERTAC). The UK`s “The Times” newspaper published a special report on Azerbaijan on Thursday, prepared by the Upper Reach media agency. The article is consisted of some stories dedicated to international ties, economy, culture, tourism in Azerbaijan.
The article says UK-Azerbaijan economic relations are dynamically developing thanks to the favorable climate created in the country. Britain is the largest single foreign investor in Azerbaijan, with more than 100 British companies operating in the country.
In the last decade the total FDI stock in Azerbaijan exceeded $25 billion, which is an indicate of the favorable business climate.
It says Azerbaijan is one of the world`s leading countries for GDP growth rates despite the global economic crisis.
According to the story, in the World Economic Forum’s Global Competitiveness Report 2009-2010, Azerbaijan has risen 18 ranks to the 51st position among 133 countries, and number one among the CIS countries.
“Oil and gas is undoubtedly the sector that has most fuelled economic growth. Nevertheless, the Azerbaijani government is well aware of the dangers of ‘Dutch Disease’, and ensures that revenues from this industry are reinvested in other areas, including the non-oil sector,” the report reads.
The report highlighted tourism, agriculture, ICT, food industry, mining, construction, transport, renewable and alternative energies, finance and insurance as the most promising non-oil sectors.
It touched upon the activity of two organizations - the Azerbaijan Investment Company and Azerbaijan Export and Investment Promotion Fund (Azpromo) - which actively work to seek funding for the non-oil sector.
The article says Azerbaijan has enormous touristic potential. The country becomes a better place for tourist destination. It started a special process, called the Baku Process. This means promotion of the dialogue of cultures. Baku is said to be the hub of tolerance, a mixture of cultures.
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