Transformation of Azerbaijan’s investment and foreign trade policy in the post-Soviet period

The transformation of Azerbaijan’s foreign economic strategy in the postSoviet period, focusing on institutional and structural changes in investment and foreign trade policy, has been analyzed. The processes of privatization, forming private business, stimulating foreign investment inflows, and creating a favorable environment for stable economic growth have been studied. The importance of the 1994 “Contract of the Century”, concluded with leading oil companies, for establishing the oil and gas sector and the state’s entry into a new stage of international economic cooperation has been emphasized. Investments aimed at Azerbaijan’s non-oil sector development, in particular the industry modernization and the active development of foreign trade, contributing to the economy diversification and its sustainable growth, have been considered. The purpose of the study is to analyze Azerbaijan’s strategic initiatives aimed at strengthening foreign economic relations and attracting investments in the oil, gas, and non-oil sectors of the economy development. The object of the study is the transformation of Azerbaijan’s investment and foreign trade policies in the post-Soviet period. The subject of the study is the processes related to the national economy development, investments attraction in the oil and gas and non-oil sectors, as well as Azerbaijan’s foreign trade modernization after the collapse of the Soviet Union. The article employs an analytical research method based on the economic data and official statistical materials research. Based on the study, measures for further economy diversification of and increasing the competitiveness of non-oil industries in Azerbaijan have been proposed.

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