This page provides a general overview of Azerbaijan as well as detailed information about companies known for their successful business models in Azerbaijan.
About the country
After decline and near stagnation in the previous two years, in 2018 a new period of economic prosperity of Azerbaijan’s economy started thanks to the rise of the oil price and gas production and exports and a 1.5% GDP growth has been recorded. In 2019 Azerbaijan’s economy registered a further increase of 2.2% overall, its best performance since 2014. The growth applied also to the non-energy GDP which grew at a solid 3.5%, with agriculture and services driving the expansion.
With its nine climate zones, Azerbaijan is the among the global producers of chestnuts, figs, hazelnuts and sour cherries, and rare products like tea, tobacco, cotton, pink grapes and persimmon. In the country, about 47% of the population lives in rural areas, and about 39% of employment is in agriculture and agro-processing. Farming counts for almost 6% of the GDP, it is a major contributor to the non-oil economy and has great potential for stimulating growth, job creation and food security.
The contribution of travel and tourism to GDP for Azerbaijan was 10.4%, and it accounts for more than 10% of the total employment in the country (2018). Azerbaijan’s tourism sector strategy focuses on event tourism, such as business conferences and international sporting events. Effective measure to attract more tourists to Azerbaijan is the simplified visa regime, (“ASAN” Visa System) which allows to process electronic visas within three days of application for citizens of eligible countries.