Shadow economy in Azerbaijan to be minimized

  03 February 2021    Read: 644
  Shadow economy in Azerbaijan to be minimized

It is necessary to ensure the attraction of foreign direct investment in the Azerbaijani economy, including strategic investors in infrastructure areas. However, in this case, the focus should be on the protection of the national interests of the country and effective regulation of investments by creating a competitive environment for foreign investors.

This is reflected in the “Azerbaijan 2030: National Priorities for Socio-Economic Development,” which was approved by President Ilham Aliyev on Feb. 2.

"It is necessary to improve the economic efficiency of public investments and the activities of state-owned companies, as well as to increase the level of transparency in this area. Also, it is necessary to create a basis for the activities of state-owned companies within the framework of commercial principles, as well as apply corporate governance standards taking into account the best international practices, and ensure an increase in the level of profitability," said the order.

"The shadow economy must be minimized and the level of transparency in the private and public sectors must be brought to the highest standards. The use of a modern culture of corporate behavior in economic management should be expanded and encouraged, the fight against corruption should be strengthened, and a modern civil service system and ethics should be formed to meet new challenges," read the presidential order.

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