• ECO Region Features
      Territory: 8 million square km
      Population: 457,534,000
      GDP: 1,968,910 (million USD)

    • Republic of Azerbaijan

      Republic of Azerbaijan *

      Republic of Azerbaijan is situated at the crossroads of East and West and has the territory of 86,600 square kilometers. It’s bordered on by the Caucasus mountain range in the north, the Caspian Sea in the east, Georgia and Armenia in the west, the Russian Federation in the north, Iran in the south and Turkey in the south-west.

      Republic of Azerbaijan is a democratic, constitutional, secular and unitary Republic. H.E. Mr. Ilham Aliyev is the current President of the Republic of Azerbaijan. President is a Head of State and is elected by direct election for five year term. State power is based on the principle of division of powers. The three branches of power include: Executive headed by the president (5 year term); Legislative: unicameral national assembly (milli majlis) with 125 deputies (5 year term); Judiciary headed by the supreme court of the Republic.

      Azerbaijan is the fastest growing economy worldwide. Following sharp decline in early 90’s of the last century Azerbaijan achieved stable and rapid growth for 12 consecutive years starting from 1999. Now the country is one of the most rapidly developing economies in the world. Despite world economic crisis, GDP indicator continued to grow in 2008-2010 in average by 7%. The nominal GDP in 2011 totaled 63.6 mln. USD, while nominal wages grew by 9.5%. Almost all other major economic indicators point out a similar growth pattern.

      Baku is the centre of Azerbaijani economy and the home for most of Azerbaijan's 3,500 industrial enterprises, petroleum extraction and refining, metallurgy, aluminum processing, petrochemicals, chemical production are located in the city and its satellites. Baku is also strong in services including banks, hotels & restaurants and logistics. Sumgayit production is concentrated on chemical and petrochemical production, textiles, and aluminum smelting; Ganja is the home to an aluminum refinery and also specializes in textiles, machine building and metallurgy.

      * The data and statistics here are reproduced from the following UN source:

All Rights Reserved By ECO