The key issue for Azerbaijan is not only attracting foreign investment but also transforming the country into a regional business platform, Vitaliy Yakovlev, Managing Partner of KPMG Azerbaijan and KPMG Partner for the Caucasus and Central Asia, said during a panel discussion held as part of the 2nd Azerbaijan International Investment Forum, APA-Economics reports.
According to Vitaliy Yakovlev, three main factors are important for this: the availability of professional human capital, infrastructure that meets international standards, and access to new markets.
Vitaliy Yakovlev said that the quality of education and the professionalism of young specialists in Azerbaijan are improving, while the number of skilled professionals in the IT and engineering sectors is increasing. The activities of international companies in the country also contribute to the spread of international standards and working practices.
He emphasized that Azerbaijan’s location between Asia and Europe, its transport and energy corridors, as well as its air transport capabilities, give the country a regional advantage.
“All of this makes Azerbaijan a very favorable location for a regional platform. However, resources and geographical location alone are not enough,” Vitaliy Yakovlev said.
Vitaliy Yakovlev added that, for investors, stable and clear rules in the areas of customs, migration, currency regulation, capital flows and arbitration are more important than tax incentives. According to him, more sustained dialogue between investors and Azerbaijan’s regulatory authorities could play an important role in this regard.
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