The country's economic troubles are expected to be transformed through Western investment in Azerbaijan's oil resources, an untapped reserve whose estimated worth is trillions of dollars.
Since , the Azerbaijan state oil company SOCAR has signed several billion-dollar agreements with international oil companies.
Azerbaijan's pro-Western stance and its careful economic management have made it the most attractive of the oil-rich Caspian countries for foreign investment. In the years since its independence, the country has undergone rapid privatization, and the IMF gave it high marks as one of the most successful economic overhauls ever. In Sept. In July , the pipeline opened. In , President Heydar Aliyev, who was seriously ill, chose his son as the new prime minister, paving the way for his eventual succession.
The opposition protested strenuously. In October elections, the president's son, Ilham Aliyev, was elected president. Heydar Aliyev died in December. In Nov. International election monitors declared the election fraudulent, and opposition candidates staged protests. On Oct. On Jan. The country's standard of living and economy continues to grow, including a construction boom in Baku, the capital.
The Hungarian government released Safarov to Azerbaijan on the assumption that he would serve at least 25 years of his life sentence. Upon his arrival in Azerbaijan, Safarov was pardoned. Once news of the pardon hit, protestors in Armenia burned Hungarian flags and threw eggs at the Hungarian Embassy. Demonstrations were also held in Budapest. Safarov was welcomed back to Azerbaijan as a national hero. A lieutenant at the time of the murder, Safarov was promoted to rank of major and given eight years of back pay.
His pardon and warm welcome threatened to break up the peace process between Azerbaijan and Armenia, a process that has kept the two countries from backsliding into violent feud over the disputed Nagorno-Karabakh territory. Azerbaijan, officially the Republic of Azerbaijan is an important and the largest country in the Caucasus region of Eurasia.
Azerbaijan is divided partially between Eastern Europe and Western Asia. The population density is roughly people per square mile. Where is Azerbaijan in the World? World View: Continent View:. Official Name. Republic of Azerbaijan. Common Name. It has also used its resources to rebuild its army, which is seen as a government priority as the country grapples with the breakaway territory of Nagorno-Karabakh.
Despite its wealth and increased influence in the wider region, poverty and corruption continue to overshadow the country's development.
A government crackdown on human rights advocates and journalists has raised concern that Azerbaijan's embryonic democracy is under threat. President: Ilham Aliyev. Ilham Aliyev took over as president from his father Heydar in , and secured his latest term in in an election which Western observers said fell short of democratic standards. In a referendum extended the powers of the president - including a controversial proposal to lower of the age limit for presidential candidates.
The opposition said the move was aimed at cementing the rule of President Aliyev's family, with his year-old-son as a potential heir. Under his rule, Azerbaijan has increased its international profile, including hosting the Eurovision Song Contest in and the Baku European Games in
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