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Doing Business in Azerbaijan: 2018 Country Commercial Guide for U.S

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Doing Business in Azerbaijan: 2018 Country Commercial Guide for U.S Doing Business in Azerbaijan: 2018 Country Commercial Guide for U.S. Companies INTERNATIONAL COPYRIGHT, U.S. & FOREIGN COMMERCIAL SERVICE AND U.S. DEPARTMENT OF STATE, 2018. ALL RIGHTS RESERVED OUTSIDE OF THE UNITED STATES. Table of Contents Doing Business in Azerbaijan _________________________________________________ 4 Market Overview _________________________________________________________ 4 Market Challenges _______________________________________________________ 5 Market Opportunities _____________________________________________________ 6 Market Entry Strategy ____________________________________________________ 7 Political Environment _______________________________________________________ 7 Political Environment _____________________________________________________ 7 Selling U.S. Products & Services ______________________________________________ 7 Using an Agent to Sell U.S. Products and Services _____________________________ 7 Azerbaijan Country Commercial Guide, July 2018 2 Establishing an Office _____________________________________________________ 8 Franchising _____________________________________________________________ 9 Direct Marketing ________________________________________________________ 10 Joint Ventures/Licensing _________________________________________________ 10 Selling to the Government ________________________________________________ 10 Distribution & Sales Channels _____________________________________________ 11 Express Delivery ________________________________________________________ 12 Selling Factors & Techniques ______________________________________________ 12 E-Commerce ___________________________________________________________ 13 Trade Promotion & Advertising ___________________________________________ 13 Pricing ________________________________________________________________ 14 Sales Service/Customer Support ___________________________________________ 14 Protecting Intellectual Property (IP) ________________________________________ 14 Local Professional Services _______________________________________________ 15 Principal Business Associations ____________________________________________ 15 Limitations on Selling U.S. Products and Services ____________________________ 15 Due Diligence ___________________________________________________________ 16 Leading Sectors for U.S. Exports & Investments _________________________________ 16 Energy Sector ___________________________________________________________ 16 Agricultural Sector ______________________________________________________ 20 Information/Communications Technology ___________________________________ 22 Banking and Finance ____________________________________________________ 23 Transportation __________________________________________________________ 25 Travel and Tourism _____________________________________________________ 26 Customs, Regulations & Standards ____________________________________________ 28 Trade Barriers __________________________________________________________ 28 Import Tariff ___________________________________________________________ 28 Import Requirements & Documentation ____________________________________ 28 Labeling/Marking Requirements ___________________________________________ 29 Azerbaijan Country Commercial Guide, July 2018 3 U.S. Export Controls _____________________________________________________ 30 Temporary Entry _______________________________________________________ 30 Prohibited & Restricted Imports ___________________________________________ 30 Customs Regulations _____________________________________________________ 31 Standards for Trade _____________________________________________________ 31 AZERBAIJAN INVESTMENT CLIMATE STATEMENT 2018 ____________________ 34 Executive Summary _____________________________________________________ 34 1. Openness To, and Restrictions Upon, Foreign Investment ____________________ 36 2. Bilateral Investment Agreements and Taxation Treaties _____________________ 39 3. Legal Regime _________________________________________________________ 39 4. Industrial Policies _____________________________________________________ 43 5. Protection of Property Rights ___________________________________________ 44 6. Financial Sector _______________________________________________________ 46 7. State-Owned Enterprises _______________________________________________ 49 8. Responsible Business Conduct ___________________________________________ 50 9. Corruption ___________________________________________________________ 51 10. Political and Security Environment______________________________________ 52 11. Labor Policies and Practices ___________________________________________ 53 12. OPIC and Other Investment Insurance Programs _________________________ 54 13. Foreign Direct Investment and Foreign Portfolio Investment Statistics ________ 55 14. Contact for More Information __________________________________________ 56 Trade & Project Financing __________________________________________________ 57 Methods of Payment _____________________________________________________ 57 Banking Systems ________________________________________________________ 57 Foreign Exchange Controls _______________________________________________ 58 U.S. Banks & Local Correspondent Banks ___________________________________ 58 Project Financing _______________________________________________________ 58 Business Travel ___________________________________________________________ 59 Business Customs _______________________________________________________ 59 Azerbaijan Country Commercial Guide, July 2018 4 Travel Advisory _________________________________________________________ 60 Visa Requirements ______________________________________________________ 60 Currency ______________________________________________________________ 61 Telecommunications/Electric ______________________________________________ 61 Transportation __________________________________________________________ 62 Language ______________________________________________________________ 62 Health _________________________________________________________________ 62 Local Time, Business Hours and Holidays ___________________________________ 63 Temporary Entry of Materials or Personal Belongings ________________________ 63 Doing Business in Azerbaijan Market Overview 2017 was marked by the stabilization of the Azerbaijani economy following the economic crisis in 2015 and associated stagnation in 2016. Low world oil prices from 2014 to 2016 hit Azerbaijan’s economy hard, resulting in two currency devaluations in 2015, inflation at 13% in 2017, and the closure of several banks. Azerbaijan's GDP grew 0.1% in 2017, recovering from a 3.8% contraction in 2016 as the price of oil recovered, growth in the non-oil sector increased, and the government raised public investment. According to Asian Development Bank (ADB), IMF, and EBRD forecasts, GDP is expected to grow by 1.7% to 2.5% in 2018, and by 2% to 3.5% in 2019. Exports rose by 34% and imports by 3% in 2017, resulting in a trade surplus of $5 billion. As a result of the economic downturn, Azerbaijan decided to diversify its economy, targeting the agriculture, regional transportation, tourism, and information/communication technology (ICT) sectors. The government heavily subsidizes machinery and other agricultural inputs, targeting hazelnuts, rice, citrus fruits, tea, tobacco, and cotton. Azerbaijan has also launched a series of projects to develop north-south and east-west trade and transit corridors as part of its New Silk Road vision to turn Azerbaijan into a logistics hub, primarily through the Port of Alat and the adjacent Free Trade Zone (FTZ). To promote tourism, the government has waived visa requirements for several countries and simplified the application process, enabling U.S. citizens to apply and receive an e-visa in as little as three hours by paying an expediting fee. The government has also created several high tech parks as part of its efforts to bolster the ICT sector. Azerbaijan Country Commercial Guide, July 2018 5 Despite this progress, oil and gas remain the primary economic drivers and are directly responsible for 35% of Azerbaijan’s GDP and almost 88% of exports, but only 5% of employment. Furthermore, since proceeds from oil and gas underpin government support to agriculture, construction and other industries, even the non-hydrocarbon sectors of the economy are sensitive to oil price changes. In May 2018, President Aliyev formally inaugurated the Southern Gas Corridor (SGC) with a “first gas” ceremony drawing from the second phase development of the Shah Deniz offshore gas field. First deliveries to Italy via the Trans- Anatolian Pipeline (TANAP) and the Trans-Adriatic Pipeline (TAP) are likely in 2020/2021. Market Challenges Azerbaijan’s business climate remains challenging, despite government efforts to improve key indicators. The informal economy is reportedly large, but statistics relating to its scope are difficult to verify. Widespread corruption impedes the country’s development. The government has taken steps in recent years to decrease low-level corruption, especially through its ASAN (“Easy”) e-government service centers which serve as one-stop shops for obtaining civil documents. Azerbaijan improved its score by one point and ranked 122nd among 180 countries in TI Corruption Perceptions Index 2017. Azerbaijan continues to develop its market infrastructure, including its legal, tax and banking framework, and links to the international business community. Corruption
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