Editing Economy of Azerbaijan (section)

==Economic history of Azerbaijan==
{{main|Economic history of Azerbaijan}}

===Republic era===
Oil and gas are the most prominent products of Azerbaijan's economy. More than $60 billion was invested into Azerbaijan's oil sector by major international oil companies in AIOC consortium operated by [[BP]]. Oil production under the first of these production sharing agreements (PSAs), with the Azerbaijan International Operating Company, began in November 1997 and was about 500,000 barrels per day in 2006. People visit petroleum spas (or "oil spas") to bathe in the local crude in [[Naftalan, Azerbaijan|Naftalan]].<ref>[http://www.iht.com/articles/2006/11/28/news/journal.php Azerbaijani answer to oil glut: Bathe in it – Asia – Pacific – International Herald Tribune<!-- Bot generated title -->] {{webarchive |url=https://web.archive.org/web/20061128193000/http://www.iht.com/articles/2006/11/28/news/journal.php |date=28 November 2006 }}</ref> A leading [[caviar]] producer and exporter in the past, Azerbaijan's [[fishing industry]] today is concentrated on the dwindling stocks of [[sturgeon]] and [[beluga (sturgeon)|beluga]] in the [[Caspian Sea]].

Azerbaijan shares all the problems of the former Soviet republics in making the transition from a [[command economy|command]] to a [[market economy]], but its energy resources brighten its long-term prospects. Azerbaijan has begun making progress on economic reform, and old economic ties and structures are slowly being replaced. An obstacle to economic progress, including foreign investment, is the continuing conflict with Armenia over the [[Nagorno-Karabakh]] region.<ref>{{cite web|last1=Zhalko-Tytarenko|first1=Andrew|title=Iran's other side: the South Caucasus|url=http://diplomatonline.com/mag/2014/04/irans-other-side-the-south-caucasus/|website=diplomatonline.com|access-date=14 August 2014}}</ref>

In 1992 Azerbaijan became a member of the [[Economic Cooperation Organization]].<ref>{{cite web|title=Brief Introduction of ECO's history|url=http://www.ecosecretariat.org/detail_info/about_eco_d.htm|website=ecosecretariat.org|access-date=14 August 2014|archive-url=https://web.archive.org/web/20131022070355/http://www.ecosecretariat.org/Detail_info/About_ECO_D.htm|archive-date=22 October 2013|url-status=usurped}}</ref> In 2002, the Azerbaijani [[merchant marine]] had 54 ships.<ref>{{cite web| title =Azerbaijan Transportation | publisher = NationsEncyclopedia.com| url = http://www.nationsencyclopedia.com/Asia-and-Oceania/Azerbaijan-TRANSPORTATION.html| access-date = 24 May 2007}}</ref> 

In 2010 Azerbaijan entered into the top eight biggest oil suppliers to EU countries with €9.46 billion.<ref>{{cite web |url=http://today.az/news/business/82397.html |title=Azerbaijan among top 8 biggest oil suppliers to EU countries |website=Today.AZ |access-date=3 March 2015 |archive-date=23 September 2016 |archive-url=https://web.archive.org/web/20160923134549/http://today.az/news/business/82397.html |url-status=dead }}</ref> In 2011, the amount of foreign investments in Azerbaijan was $20 billion, a 61% increase from 2010. According to [[Ministry of Economic Development (Azerbaijan)|Minister of Economic Development of Azerbaijan]], [[Shahin Mustafayev]], in 2011, "$15.7 billion was invested in the non-oil sector, while the rest{{Snd}}in the oil sector".<ref>{{cite news |url=https://www.reuters.com/article/azerbaijan-investment-idUSL6E8CH3QF20120117 |title=Azerbaijan investment up 61 pct to $20 bln in 2011 |work=Reuters |author=Lada Yevgrashina |date=17 January 2012 |access-date=17 January 2012}}</ref>

[[File:2006Azerbaijani exports.PNG|thumb|right|Azerbaijani exports in 2006]]
In 2012, because of its economic performance after the Soviet breakup, Azerbaijan was predicted to become "[[Tiger economy|Tiger of Caucasus]]".<ref>{{cite web|title=Is Azerbaijan the new "Caucasus tiger"?|url=http://www.agccommunication.eu/geopolitica/366-is-azerbaijan-the-new-caucasus-tiger|website=agccommunication.eu|access-date=14 August 2014}}</ref><ref>{{cite web|last1=Safarov|first1=Fuad|title=Muhammad Asif Noor: "Tiger of Caucasus" pose as an opportunity for Pakistan to get involved in mutually beneficial cooperative engagements"|url=http://vestnikkavkaza.net/interviews/politics/42900.html|website=vestnikkavkaza.net|access-date=14 August 2014|archive-date=14 August 2014|archive-url=https://web.archive.org/web/20140814213930/http://vestnikkavkaza.net/interviews/politics/42900.html|url-status=dead}}</ref><ref>{{cite web|last1=Afag|first1=Aliyeva|script-title=ru:Известное СМИ Германии: Азербайджан{{Snd}} "тигр Кавказа"|url=http://aze.az/news_izvestnoe_smi_germanii_75709.html|website=aze.az|date=14 April 2012 |access-date=14 August 2014|language=ru}}</ref> In 2012, [[Globalization and World Cities Research Network]] study ranked Baku as a Gamma-level [[global city]].<ref>{{cite web|title=The World According to GAWC 2012|url=http://www.lboro.ac.uk/gawc/world2012t.html|publisher=GAWC|access-date=7 April 2014|archive-date=20 March 2014|archive-url=https://web.archive.org/web/20140320212149/http://www.lboro.ac.uk/gawc/world2012t.html|url-status=dead}}</ref>

In 2015, Turkey and Azerbaijan agreed to boost mutual trade to US$15 billion by 2023.<ref>{{cite news|title=Turkey, Azerbaijan intend to boost mutual trade to $15 billion by 2023|url=http://itar-tass.com/en/economy/771401|archive-url=https://archive.today/20150118152136/http://itar-tass.com/en/economy/771401|url-status=dead|archive-date=18 January 2015|access-date=16 January 2015|date=15 January 2015}}</ref>