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Country Profile: Azerbaijan
Fact FileCapitalBakuOther CitiesGanja, Sumqayit, Shirvan, Shaki, Yevlakh, Mingachevir, QaracuxurOfficial languageAzerbaijaniOther Languages and DialectsAreaTotal 86,600 km2Population(2009est) estimate 8,450,000CurrencyManat |
Overview
Azerbaijan or the Republic of Azerbaijan is the largest and most populous country in the South Caucasus, located partially in Eastern Europe and partially in Western Asia. It is bounded by the Caspian Sea to the east, Iran to the south, Armenia to the west, Georgia to the northwest, and Russia to the north. The country is one of the founder members of GUAM and the Organisation for the Prohibition of Chemical Weapons, and joined the Commonwealth of Independent States in September 1993, the are also a member of Nato and the United Nations
Business Development
Once Azerbaijan gained their independence, they became a member of the International Monetary Fund, the World Bank, the European Bank for Reconstruction and Development, the Islamic Development Bank and the Asian Development Bank. The banking system of Azerbaijan consists of the National Bank of Azerbaijan, commercial banks and non-banking credit organizations. The National Bank serves as Azerbaijan's central bank, empowered to issue the national currency, the Azerbaijani Manat, and to supervise all commercial banks. Two major commercial banks are the state-owned International Bank of Azerbaijan and the United Universal Joint-Stock Bank.
Energy and Resources
Azerbaijan is rich in natural gas and oil, as well as other resources such as gold, silver, iron, copper, titanium, chromium, manganese, cobalt, molybdenum, complex ore and antimony. As Western oil companies are able to tap deepwater oilfields untouched by the Soviet exploitation, Azerbaijan is considered one of the most important spots in the world for oil exploration and development. Meanwhile the State Oil Fund was established as an extra-budgetary fund to ensure the macroeconomic stability, transparency in the management of oil revenue, and the safeguarding of resources for future generations.
Environmental Climate Change Effects
Due to the various climates and weather conditions in Azerbaijan, they are particularly affected by the rising global temperatures and climate change. This not only effects their economy in terms of agricultural production and tourism, but their health and safety as well. This has prompted the government of Azerbaijan to begin research and studies on global warming and climate change, in order to better understand and hopefully control the effects of climate change and global warming.
Future Outlook
In the future, Azerbaijan looks to continue to expand their economy, especially in the field of agriculture and industry. Also Azerbaijan has begun to invest in their tourism industry, mostly through foreign investment, but through government sponsored programs as well. Azerbaijan has become a leader in the Middle East for global warming and climate change research and looks to continue this trend in the future.
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