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Get to Know About Azerbaijan
Azerbaijan is a nation in eastern Transcaucasia that occupies a section bordering the southern flanks of the Caucasus Mountains. Russia borders it to the north, the Caspian Sea to the east, Iran to the south, Armenia to the west and Georgia to the northwest. The capital city of Azerbaijan is at the antique city of Baku.
Azerbaijan population is estimated to be approximately 9.1 million, with the majority as Shiite Muslims. Azerbaijani is the official language which is a mixed ethnic origin of the indigenous eastern Transcaucasia and the Medians of northern Persia.
Oil and petroleum constitute the core of Azerbaijan’s economy; however, minerals (metals) found on the Lesser Caucasus such as manganese, cobalt, silver, gold, and copper among others account for a section of the economy. Doing business in Azerbaijan remains favorable following the strengthening of the private sector, the financial sector (loan portfolio), and workforce development. According to the IMF estimates, Azerbaijan’s GDP is envisaged to grow between 3.4 to 3.6 percent by 2020. Besides that, the political challenges, a weak banking system, and weak governance continue to pose a high risk of doing business in Azerbaijan. Despite commencing the macroeconomic stabilization reforms in conjunction with IMF, no tangible improvement witnessed due to a lack of effective public administration. By building new market linkages, promoting competitiveness and benefiting from its comparative advantage is the route of boosting the Azerbaijan economy.