Doing Business in Azerbaijan 2009 - Azerbaijan Export ...

Business visits account for the majority of trips to Azerbaijan at the
moment (the so called business tourism). Simultaneously, there is at
the same time substantial growth in the outward tourism as well.
Opportunities exist for the development of regional tours (the so
called Silk Way Tours in countries of the Central Asia & Caucasus).
A number of international hotel chains such as Hyatt, Radisson and
Park Inn already have operations in Azerbaijan. Obviously, the
potential for development is very high bearing in mind the natural
and historical attractions of the country.
The country’s main wealth is its diversity. There are 9 climatic
zones present with a number of tourist attractions such as sea and
mountain resorts, mineral and medicinal waters and clays, unique
Naftalan therapeutic oil, fascinating sceneries etc.
The capital and the countryside are rich in historical monuments,
religious shrines of ancient and medieval times. Azerbaijani cuisine
and rich flavoured wines as well as the widely known Caucasian
hospitality of the people are the brand of the Republic of Azerbaijan.
The tourism industry, including hotels, resorts, restaurants aimed
at the domestic consumer is on the verge of a boom following the
rapid growth of population’s purchase power.
Financial sector: banks, insurance & leasing
Banking system and global financial crisis
The global financial crisis gripping the world’s financial markets in
2008 had an effect on foreign investors’ relations with and
attitudes towards the financial institutions of emerging economies.
This, in turn, affected Azerbaijani banks’ abilities to draw resources
from foreign financial markets. Active operations of banks in recent
SECTORS REVIEW
Total number of visitors to the country is increasing year by year.
Years 2000 2002 2003 2004 2005 2006 2007 2008
Number of visitors (foreigners) 681,000 793,345 1,066,290 1,197,000 1,261,686 1,261,961 1,332,701 1,898,939
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