PERSPECTIVES OF DIVERTING TRANSNATIONAL CORPORATIONS ACTIVITIES TO THE DEVELOPMENT OF NON-OIL SECTOR IN AZERBAIJAN
DOI:
https://doi.org/10.24193/subbeuropaea.2017.4.03Keywords:
Transnational Corporations, Oil-sector, non-oil sector, FDI, Azerbaijan, economic development, economic crisis, agriculture, tourismAbstract
After restoration of its independence in 1991, Azerbaijan became an important and active player in the region due to its oil and gas reserves and its geopolitical location. As it can be predicted, Azerbaijan soon attracted Transnational Corporations (TNCs) which were seeking natural resources. In 1994, the Contract of the Century (BTC) was signed between partner countries, and Azerbaijan got start towards a rapidly flourishing country. However, today there is an economic crisis since its economy mainly depends on oil and gas exports. The paper reviews three types of FDIs, analysis which kind of FDI is beneficial for Azerbaijan and seeks for opportunities and possibilities to divert FDI inflows to the development of non-oil sector, such as agriculture, tourism and updating soviet ventures in industry.
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