Assoc. prof. Dr. Elchin Eyvazov [PDF] с сайта researchgate.net FOREIGN ECONOMIC ASPECTS OF THE PROVISION OF SUSTAINABLE ECONOMIC DEVELOPMENT IN AZERBAIJAN

Creative Commons License

Eyvazov E.

55th International Scientific Conference on Economic and Social Development Development, vol.10, no.3/4, pp.551-560, 2020 (Conference Book)

Abstract

Being one of the results of successful policy, Azerbaijan, located among the dynamically developing countries of the world, has become a powerful and developing country day by day, laying down the foundation for a unique model of socio-economic progress. The foreign economic aspects of the transition to sustainable economic development in Azerbaijan have been researched in the article. The group of factors influencing on Azerbaijan foreign economic relations is related to the export of highly competitive products by the state to the world market, the formation of a positive balance in the balance of payment, the increase in budget revenues, and the need for capital and investment resources to meet domestic needs. A deeper understanding of the degree of integration and globalization into the world economy was justified. An analysis of foreign direct investments, international trade turnover, balance of payments, and the role of world oil prices in this area was substantiated. The dynamics of the FDI for the non-oil sector over the years and its ratio to the non-oil GDP, and the share of oil and non-oil products in import and export, have been analyzed. In this regard, rising oil revenues in the country should not be considered as the ultimate goal of the economic strategy so far and this factor should be considered as a means for achieving more important strategic objectives. It is important to further expand the scale of the achievements in terms of ensuring sustainable economic development and it is the main direction of the development way that Azerbaijan has achieved great success and is confidently moving forward. This means that after the successful completion of the transition to a market economy, Azerbaijan will continue to develop and confidently move towards becoming a stronger economy in terms of sustainable economic growth. Keywords: sustainable economic development, foreign economic relations, foreign direct investment, foreign trade turnover, share of oil and non-oil products in import and export