Azerbaijan shows its model for countries with transitional economies

By Fatma Babayeva

The financial and economic crisis happening in the world for more than one year also had an impact on Azerbaijan's economy which is closely integrated to the global economy.

The statement was made by the chairman of the State Customs Committee of Azerbaijan Aydin Aliyev at a meeting of the Cabinet of Ministers dedicated to the results of socio-economic developments in the first quarter of 2016 and the future tasks on April 9.

The chairman stressed that the devaluation of the national currency had a certain influence on the prices of imported goods under the present circumstances. Despite continuing adverse economic processes and the deepening financial crisis in the world, Azerbaijan is taking task oriented measures and implements sustainable economic reforms in order to promote local production.

Aliyev emphasized that necessary measures have been taken for timely implementation of the objectives indicated by the presidential decrees and aimed at meeting domestic demand through the import substitution of local products and promoting the export of non-oil products.

In accordance with the Tax Code and the Law on Customs’ Tariff of the Azerbaijan Republic, entities and individual entrepreneurs that import technology, technological equipment and installation to the country are exempt from value added tax and customs duties if they hold a document on the promotion of investments, he added.

Aliyev drew attention to several measures taken by the government to promote exports of non-oil products to be manufactured in Azerbaijan in 2016-2020.

Three percent of the custom duties paid for the export of non-oil products will be refunded to the manufacturer of the goods from the state budget.

This is not only an indicator of business development strategy in Azerbaijan for economic prosperity, and can serve as a model for developing countries with transitional economies, the chairman said.