DOI: https://doi.org/10.36719/2706-6185/46/247-251
Mehraj Abbasli
Baku Slavic University
Master student
https://orcid.org/0009-0002-7358-4548
mehracabbasli7@gmail.com
The Role of Public and Private Sector in the Development of the
Azerbaijani Economy
Abstract
This paper examines the role of the public and private sectors in the development of Azerbaijani economy. The public and private sectors are two key forces that complement each other and ensure the efficient functioning of the economy. The role of the state in the economy mainly involves strategic planning, implementation of infrastructure projects, and ensuring social welfare. On the other hand, the private sector contributes to economic growth through investments, increased production, and technological development. The role of the state in the development of Azerbaijan’s economy is particularly important. The government implements reforms in key sectors of the economy, creates a favorable legal framework, and works to improve the business environment. As a result of these reforms, the private sector increases investments, creates new jobs, and accelerates the adoption of innovative technologies. The state’s role in the economy is also associated with expanding foreign trade relations, improving the investment climate, and developing economic networks. The private sector participates in these processes, helping to ensure sustainable economic growth. Thus, the proper organization of the interaction between the public and private sectors ensures the development of Azerbaijan’s economy. The cooperation between these two sectors is one of the most crucial factors in ensuring the country’s sustainable economic development. Furthermore, state support for the private sector and investment incentives, along with the competitive environment created by the private sector, strengthens the economy. The development of cooperation between the public and private sectors will further strengthen Azerbaijan’s position in international markets and ensure the continuous growth of the economy.
Keywords: state economic policy, private sector, business environment, economic sustainability, entrepreneurship development, investmat stratesy