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Farid Isayev, director, KPMG in Azerbaijan Brussels — 20 October 2016

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Presentation on theme: "Farid Isayev, director, KPMG in Azerbaijan Brussels — 20 October 2016"— Presentation transcript:

1 Farid Isayev, director, KPMG in Azerbaijan Brussels — 20 October 2016
Overview of latest legislative-economic initiatives and tourism strategy of Azerbaijan Farid Isayev, director, KPMG in Azerbaijan Brussels 20 October 2016

2 Legislative- economic
initiatives

3 Milestones in nutshell
November 2015, Ban on state audits/inspections January 2016, Investment Promotion Programme February 2016, creation of Financial Markets Supervision Chamber March 2016, Establishment of Baku Free Economic Zone under the Baku Sea Trade Port (UAE’s Jebel Ali model) March 2016, BOT (Build-Operate-Transfer) model enacted in law June 2016, Law “On Agricultural Cooperatives” August 2016, Directions for tax reforms approved

4 Tourism strategy

5 Dynamics of tourism sector
Advantages: Role of globally recognized sporting events (Formula 1 Grand Prix, World Chess Olympiad etc) Visa simplification (from November 2015 for UAE, from 1 February 2016 for Qatar, Oman, Saudi Arabia, Bahrain, Kuwait, Japan, China, South Korea, Malaysia, Singapore) Presence of global 4 and 5 star hotel brands, improved logistics, close proximity of tourist attractions Cheaper local currency, hence more competitive prices Areas for improvement: Enhancement of simplified visa regime or visa exempt countries Establishment of lower segment of accommodation (hostels, 2* or 3* hotels) New entries among air carriers, more competition in the sky

6 Presidential executive order #2295, dated 1 September 2016
Council of Tourism of the Republic of Azerbaijan to be established Tourism and Leisure Strategy and implementation mechanisms to be developed Shopping festivals to be arranged and financed Regional tourism concepts to be developed and financed (starting with Guba-Gusar northern region) Aviation authorities (including AZAL) tasked with determination of new attractive air routes Tourism vocational education centers to be established Ministry of Taxes, Ministry of Finance, State Customs Committee tasked to developed incentive programs/measures and exemption for facilitation of shopping festivals Seaside tourism in Caspian Sea’s Azerbaijan sector to be developed further Potential for PPP arrangements in tourism sector to be explored and proposed Tourism representations chain, promoting Azerbaijani tourism, to be expanded Tourism Register to be launched National Fund For Entrepreneurship Support to provide credit facilities to local investors presenting attractive tourism projects

7 Thank you Q&A

8 The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. © 2016 “KPMG Audit Azerbaijan” Limited Liability Company, incorporated under the laws and acting in the Republic of Azerbaijan, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”) a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.


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