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Add to Preferred SourcesThe World Bank Group – through IFC – joins efforts with the Government of the Republic of Azerbaijan to improve the country’s investment climate and boost agribusiness competitiveness, helping diversify the economy and spur job creation.
IFC, a member of the World Bank Group, signed three cooperation agreements with Azerbaijan’s Ministries of Economy and of Agriculture, and the Food Safety Agency, as well as three memorandums of understanding—with the Ministry of Labor and Social Protection of Population, the Commission on Business Climate and International Rankings, and the Center for Analysis of Economic Reforms and Communication.
The Azerbaijan Investment Climate and Agribusiness Competitiveness project, implemented by IFC and supported by the Government of Switzerland through the State Secretariat for Economic Affairs (SECO) and Austria’s Ministry of Finance, aims to help ease doing business and attract investment to Azerbaijan’s non-oil economy.
“Azerbaijan is already seeing the positive results of recent social-economic reforms and there are more to come. We are committed to continuing our efforts in diversifying the economy and developing non-oil sectors, including through our continued cooperation with IFC and benefiting from its global experience,” said Yagub Eyyubov, Deputy Prime Minister of the Republic of Azerbaijan.
The agreements aim to help further streamline licensing and inspections regulations, support the government in developing an investment policy and promotion framework and implementing a national FDI strategy. The project will also help address challenges in the agribusiness sector—an important source of jobs and key to boosting non-oil growth—by enhancing access to quality seeds, streamlining regulations along agribusiness value chains, and modernizing the national food safety management system, to help reduce the administrative burden on the private sector and increase food exports.
Original source: World Bank
Published on 08 May 2019