Azerbaijan
Azerbaijan declared independence from the Soviet Union in 1991, and has made great progress towards a free market economy. It has a smaller industrial base than Caucasus neighbors Armenia and Georgia, but significant oil reserves.
Area: 33,774 square miles Capital: Baku Government: Republic Population: 7,8 million Language: Azerbaijani (Azeri), Russian, Armenian GDP per capita: USD 3,500 Monetary unit: Azerbaijani manat (AZM) Imports: Machinery and equipment, oil products, foodstuffs, metals, chemicals.. Exports: Oil and gas, machinery, cotton, foodstuffs
Building on strong foundations for a brighter future
Economy
Ilham Aliyev, President
President Ilham Aliyev took over from his father Heydar, following elections in October 2003. Heydar Aliyev had ruled Azerbaijan since 1993 – bringing stability, foreign investment and economic growth – and died in December 2003.
Ilham Aliyev says that under his father’s presidency, significant restructuring of the economy has already taken place. “The key for the current government is to continue this economic development,” he comments. “One of our key responsibilities is to carry on creating a good environment for private enterprise. So far 70 percent of Azerbaijan’s GDP is generated by the private sector. This is already a considerable achievement, and we would like this figure to be even higher.”
