Abstract:

The special economic zones of Azerbaijan are a multifunctional phenomenon of the economic sphere of this state, the concept of which was created in 2009. They are a place of free trade and attracting foreign investment. The dynamic growth of these zones contributes not only to an increase in investment inflows but also boosts tourism, which is a promising sector of the economy. However, the specifics of the relationship between the special economic zones of Azerbaijan and the tourism industry have not yet been sufficiently explored in scholarly theory. This is the rationale behind the relevance of the article. The purpose of this study is to examine the organisation and further development of the institution of special economic zones in the Republic of Azerbaijan and their impact on the evolution and transformation of the tourism component of this state. The methodological basis of the research is represented by general scientific (system analysis, content analysis) and special (critical-dialectical, problem chronological, historical, and logical methods of economic research) methods. The paper established that economic reforms in 1993-2003 led Azerbaijan out of a financial crisis, helped stabilise the state and establish special economic zones, which, in turn, had a positive impact on the development of the tourism industry and its role in filling the state budget.

Keywords:

Caucasus Region, Investments, Ilham Aliyev, Market Reforms, "Road Map".

JEL Codes:

Z3; Z32

How to Cite:

Aytakin Akhundova. Special Economic Zones as a Tool for Sustainable Tourism Development in The Republic of Azerbaijan. [ref]: vol.20.2022. available at: https://refpress.org/ref-vol20-a123/