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Azerbaijan – Important Facts

Azerbaijan officially the Republic of Azerbaijan, situated at the crossroads of South west Asia and South eastern Europe. It is bounded by the Caspian Sea to the east, Russia to the north, Georgia to the north west, Armenia to the west and Iran to the south. The exclave of Nakhchivan is bounded by Armenia to the north and east, Iran to the south and west, while having a short border with Turkey in the north west.

Azerbaijan started operating a one-stop shop in January 2008 that halved the time, cost and number of procedures to start a business. Business registrations increased by 40% in the first six months. Azerbaijan is also ranked 57th in the Global Competitiveness Report for 2010–2011, above other CIS countries. By 2012 the GDP of Azerbaijan had increased 20-fold from to its 1995 level.

Oil-rich Azerbaijan gained independence from the Soviet Union in 1991 amid political turmoil and against a backdrop of violence in Nagorno-Karabakh. It has been famed for its oil springs and natural gas sources since ancient times, when Zoroastrians, for whom fire is an important symbol, erected temples around burning gas vents in the ground. Azerbaijan has large gas reserves, and in September 2014 BP began construction of the Southern Gas Corridor to supply Europe directly by 2019, bypassing Russia.

  • Country ISO3: AZE
  • Country Code: 31
  • Income Group: Europe & Central Asia
  • Lending Category: Upper middle income
  • Region: IBRD
  • Currency Unit:Manat
  • WTO Member: No
  • Trade organisations: CIS, ECO, GUAM, WTO (observer)
  • world rank: 91
  • Regional Ranking: 16th in the Asia–Pacific Region