CORRUPTION STILL STUMBLING BLOCK TO INVESTMENT GROWTH

AzerNews weekly, Azerbaijan
March 9 2006

The US State Department has described the investment environment in
Azerbaijan as leaving a lot to be desired. A report released by the
US government points to a number of difficulties the Azerbaijani
economy has encountered in its transition to market relations.

“Starting from 1994, Azerbaijan has achieved macro-economic stability
thanks to its oil and gas strategy,” the report says. However, the
document also indicates that a lot more still needs to be done to
ensure prosperity for the eight million nation, including measures
to improve governance, eradicate corruption and reduce poverty.

The State Department document adds that the unresolved status of the
Armenia-Azerbaijan Upper (Nagorno) Garabagh conflict is taking a toll
on the economy as well. According to the World Bank calculations,
49% of the population lives beyond the poverty line, of which 9%
face abject poverty. The report also points to a number of loopholes
in legislation and the impact of corruption on the investment climate.

In fact, corruption is described as the biggest obstacle in the way
of investment opportunities.

From: Emil Lazarian | Ararat NewsPress