კონფერენცია

∘ Mehman Fuad oglu Najafli ∘
About some aspects of the investment climate and public investment in Azerbaijan

The primary necessary condition for the implementation of the state's investment policy is political stability within the country and its progressive economic development. Political stability and economic development of Azerbaijan in recent years have contributed both to the growing interest of foreign countries in long-term investments in the economy of Azerbaijan, and in increasing the volume of domestic investment.

Over the past 15 years more than $ 230 billion has been invested in the Azerbaijani economy.

Till now important laws have been adopted in the republic related to the inviolability of property, the protection of the rights and interests of investors, the creation of the same working conditions for local and foreign entrepreneurs, the unhindered use of the profits received. In this way the necessary legal framework has been created.

One of the main and most reliable investors is the state as the largest public-legal institution with state-power powers to form, distribute and, ultimately, use centralized funds within targeted investment programs for the relevant planning period.

In the conditions of reforming the Azerbaijani legislation concerning investment activity, the problem of developing scientific bases for evaluating state investment projects is acute. So far, Azerbaijani scientists involved in investment research have not come to a consensus on this issue.

Despite the fact that in Azerbaijan in recent years the measures aimed at improving the investment climate have been implemented very consistently, further targeted measures are needed in the country. It is not a matter of one-time acts of power, but of painstaking daily work of both the state and enterprises and public institutions. The result of this work should be real socio-economic changes necessary for the formation of an effective market economy in the country, when development is provided mainly by a private initiative. Ultimately, it creates a favorable investment climate in the country. Public investment, unlike private ones, is primarily aimed not at making profit, but at achieving a positive, socially and politically significant result.

Ivane Javakhishvili Tbilisi State University Paata Gugushvili Institute of Economics International Scientific C O N F E R E N C E S "ECONOMY – XXI CENTURY"

E ISSN 2587 - 4691	∘ Mehman Fuad oglu Najafli ∘ About some aspects of the investment climate and public investment in Azerbaijan The primary necessary condition for the implementation of the state's investment policy is political stability within the country and its progressive economic development. Political stability and economic development of Azerbaijan in recent years have contributed both to the growing interest of foreign countries in long-term investments in the economy of Azerbaijan, and in increasing the volume of domestic investment. Over the past 15 years more than $ 230 billion has been invested in the Azerbaijani economy. Till now important laws have been adopted in the republic related to the inviolability of property, the protection of the rights and interests of investors, the creation of the same working conditions for local and foreign entrepreneurs, the unhindered use of the profits received. In this way the necessary legal framework has been created. One of the main and most reliable investors is the state as the largest public-legal institution with state-power powers to form, distribute and, ultimately, use centralized funds within targeted investment programs for the relevant planning period. In the conditions of reforming the Azerbaijani legislation concerning investment activity, the problem of developing scientific bases for evaluating state investment projects is acute. So far, Azerbaijani scientists involved in investment research have not come to a consensus on this issue. Despite the fact that in Azerbaijan in recent years the measures aimed at improving the investment climate have been implemented very consistently, further targeted measures are needed in the country. It is not a matter of one-time acts of power, but of painstaking daily work of both the state and enterprises and public institutions. The result of this work should be real socio-economic changes necessary for the formation of an effective market economy in the country, when development is provided mainly by a private initiative. Ultimately, it creates a favorable investment climate in the country. Public investment, unlike private ones, is primarily aimed not at making profit, but at achieving a positive, socially and politically significant result.