WAYS TO INCREASE THE EFFICIENCY OF THE INVESTMENT CLIMATE IN AZERBAIJAN

ABSTRACT

The article investigates ways to increase the efficiency and activity of the investment climate in Azerbaijan, which is striving to strengthen an independent economic development model. Using common methods of economics, the problems and prospects of investment climate efficiency have been analyzed. To diversify the country’s economy, reduce dependence on oil and develop the non-oil sector, the importance of eliminating barriers to intensive investment has been substantiated. International experience is addressed to form the investment climate and then interpret the current situation in Azerbaijan. The topic of developing and implementing more productive mechanisms to attract foreign investment, the development and evaluation of strategic approaches for investment activity and the improvement of the efficiency of the investment climate have been focused on. Considering the short-and long-term perspectives and the impact of the COVID-19 pandemic, recommendations as well as potential obstacles to the implementation of more effective investment mechanisms have been generalized. © 2022, University of Cienfuegos, Carlos Rafael Rodriguez. All rights reserved.