The Republic of Azerbaijan is the largest country in the Caucasus region (86 600 km²), with a population close to 10 million in 2017. Azerbaijan is an industrial and agrarian country, as the capital city Baku has rapidly transformed itself into a highly developed modern city. Its GDP amounted to $40,7 billion in 2017.
After spectacular year-on-year GDP growth rates in the late 2000s, Azerbaijan faced an economic shock in 2015-16, due to the decrease in the decrease in the price of crude oil. Aside from oil & gas and heavy industry, economic sectors such as engineering, light industry, tourism, and food production are also of growing importance.
Since 2014, Azerbaijan holds the highest foreign investment per capita among the Commonwealth of Independent States (CIS) countries, gathering 9 out of the 15 former Soviet Union Republics in Eurasia.
Azerbaijan is the 1st trading partner of France in the Caucasus region, the bilateral trade balance showing a considerable deficit on the part of France (Exportation: 128M€ - Importation: 887M€, in 2016). French businesses have a strong position in the oil and gas related sectors in Azerbaijan, in the banking sector, in the telecommunications sector, as well as in the transport and tourism sectors.
Relations between France and Azerbaijan are excellent and, in addition to political dialogue and economic exchanges, the relationship is highly diverse, notably in the cultural and scientific fields.
An “Institut Français” (French Institute) was established in 2004 in Baku, where a French high school then opened in 2013. Lastly, the French-Azerbaijani University (UFAZ) has been providing classes in the Azerbaijani capital city since September 2016.
In this context, Simon Associés entered into a strategic alliance agreement with Remells Law Firm, headquartered in Baku.
Remells Law Firm professionals hold advanced degrees from US and European law schools, enabling them to bring external insights into local issues. The team has extensive experience in assisting multinational and local clients in Azerbaijani market and is specialized in many different areas: Corporate transactions, Financial transactions, Engineering and Construction, Cross-border Commercial Transactions.