Lecture notes_Strategic Road Map.docx

Identification of sepecific norms for public tenders

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Identification of sepecific norms for public tenders will provide additional support to local companies. Action 4.1.4.: Execution of foreign trade agreements. Azerbaijan will continue to encourage export through bilateral and multilateral trade agreements. In addition to traditional CIS markets, effeorts will continue to enter such markets as EU, Gulf countries and China under more favourable trade regime. Action 4.1.5: Establishment of technical regulation and national standardization system in line with international requirements and using them to support business environment. This process includes issues from the legal framework development to the adoption of relevant action plan on bringing national standards in compliance with international and European standards. Priority 4.2: Strengthening business sustainability through the improvement of enabling environment. Action 4.2.1: Expediting existing reforms in order to ease starting a business and improved position in international ratings. One of the most important factors to attract investments is the presence of perfect, foreseeable, and stable business environment. The country’s international ratings are among the most important factors shaping the image of the country. Action 4.2.2: Improvement of statistics infrastructure.
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The aim is enabling policy and business decision making. Action 4.2.3: Implementation of FDI strategy through good governance and effective incentives. Political stability, safety and security; international opnnes – easy visa access; natural economic specifics – cheap labor force, devalued currency which makes services less pricey, and natural resources; business environment (staring a business, quality government services, electronic services, liberal licensing, suspension of inspections); physical infrastructure; equal benefits and provisions to foreign investors as for local ones; investments and tax incentives within industrial parks and industrial zones. Needs – strengthening the rule of law, expedited judicial reforms, development of derivatives (or money) makret; giving a start to initial public offering of shares (IPO issues); expedited privatization of SOE; development of Islamic financing. Even now the investments of foreign entities are protected under relevant laws on protection of foreign investment, especially the laws and regulations provide for equal treatment for foreign investors.To liquidate the Laws of the RoA on investment activities and on Protection of Foreign investors and adopt a new Law in accordance with internation practices where protection of small investors rights will be fixed in more details. At the same time, export and investment promotion strategy can be adopted to coordinate investment promotion initiatives. Countries need to focus on strengthening the efficiency of public spending, and ensuring the preservation of critical social expenditure that protects poor and vulnerable. To secure fiscal sustainability, countries should continue to focus on developing credible multiyear fiscal frameworks that guide the pace of adjustment and are reinforced by well- designed policies that aim to identify new sources of income and reduce their dependence on commodity related revenue.
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