After regaining its independence in 1991, Azerbaijan started
building a free market economy and transition from the centrally
planned system.
In 1995-1996 Azerbaijan started its privatization programs, the most
obvious precondition of moving to the market economy from the
centralized, directive-driven economy of the Soviet times. After the
privatization of the small and medium state-owned businesses,
Azerbaijan is now successfully proceeding with the privatization of
larger enterprises.
Current economy of Azerbaijan is dominated by the oil industry. 1994
Azerbaijan has signed multi-billion contract with the major oil
companies of the world. The Government is giving a special
importance to the development of the energy sector and skillful
exploration of the national resources.
In spite of the fact that the major part of economy is based today
on oil production and its export, the country moves towards the
comprehensive development in all spheres of the economy. For
rebuilding of old soviet industry Azerbaijan continues to make
efforts for the further improvement of business climate, development
of small and medium sized entrepreneurship, providing for new work
places.
In these years Azerbaijan also started its program of creating a new
legal basis for the economy transformation, updating, and on many
cases adopting brand-new pieces of legislation. The ultimate goal of
the Government is to create similar level of trust among foreign
investors in the non-energy sector, as it was done for the oil
companies. As a result of efforts Azerbaijan has Civil, Tax, Customs
Codes, as well as a number of lesser acts, which were passed in
these years, including the Law on Trade Marks and Service Marks, Law
on Protection of Foreign Investments, Budget Systems Law, Public
Procurement Law, Law on the Chamber of Accounts and etc.
For more information visit the web-page of the Ministry of Economic
Development of Azerbaijan –www.economy.gov.az
Embassy of The Republic of Azerbaijan to the Republic of Korea
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