Economic cooperation between Azerbaijan and Italy

Abstract

Since restoration of its independence in 1991 Azerbaijan has paid particular attention to development its political and economic ties with developed countries. This cooperation was necessary instrument for achieving sustainable development. It provided technical assistance for development of legislative basis of reforms towards transition to market economy and helped to attract multibillion dollar investments, especially in oil and gas sector. Currently, the Government of Azerbaijan continues to strengthen its ties with developed market economies shifting its priorities to non-oil sector in order to move from resource driven economy towards innovation driven one.