"The Times" publishes article on success of Azerbaijani economy

Last week the influential British newspaper "The Times" published an
extensive article on the economic development of Azerbaijan. It notes
that in recent years Azerbaijan has become a dynamic and rapidly
developing country, which stands on the threshold of a new stage in
its development.

The competitiveness of the economy of the South Caucasian republics is
confirmed by the latest report of the World Economic Forum's
Competitiveness: Azerbaijan is ranked first among the CIS countries.
The implementation of a successful oil strategy has stimulated a
strong growth in the non-oil sector of the economy.

In the article special emphasis is placed on the dynamically
developing relations between the UK and Azerbaijan. More than 100
British companies are engaged in various economic sectors in
Azerbaijan, which demonstrates that the country has created a
favourable and profitable environment for foreign investors. Over the
last decade they have invested $25 billion in various sectors of the
Azerbaijani economy.

"The Times" notes that, despite the impact of the global financial
crisis, according to GDP growth, Azerbaijan is one of the world
leaders. The rise of the economy of Azerbaijan was the result of a
series of measures to improve the business atmosphere in the country
in 2009 and 2010.

The article also stresses that, along with the energy sector,
Azerbaijan has great potential for such industries as tourism,
agriculture, information technology and the financial sector. Their
development today is a top priority.

The article also describes the development of such Azerbaijani
companies as the Azerbaijani Investment Company and "Azpromo", as well
as well-known local commercial companies involved in construction,
telecommunications and building networks of hotels. In particular, it
speaks about one person, a pioneer in this field of business, who set
the pace of its development, the Azerbaijani businessman Azaya
Mohnatova, the head of the “AFHolding” company.