Tourism may be most profitable sphere of non-oil sector in Azerbaijan

Mon 20 May 2019 11:35 GMT | 15:35 Local Time

Text size: bigger smaller

Tourism and hospitality sector may be the most profitable sphere of the Azerbaijani non-oil sector in 2019, and potential investors may provide funds to this sector, Azerbaijani economist Elman Sadigov told Trend.

“Filling in the gaps existing in the tourism sector like the need for professionals in the service sector and lack of accommodation for foreign tourists arriving in the country may bring big income to those who are ready to invest in this sector,” he added.

"One may launch activity in the tourism sector by opening a small or medium-sized hostel, a two-star hotel, or a guest house for 10-20 rooms,” Sadigov said. “One may attract guests and make a profit through good service."

The expert thinks that the main task is to satisfy a tourist. "It is important to create a positive image,” he added. “As far as the client potential grows, profit will also increase. Tourism sector is also a priority for the state.”

Sadigov added, “Many people may work in this sector. In the service sphere, there are not enough cafes and restaurants. The luxury segment, namely five-star hotels and expensive restaurants, is widely spread, but in the service sector there is a need for facilities that meet the requirements of the individuals with average income.”

In his words, the agriculture segment may also be attractive, but one must understand that this is hard work that requires a special approach. "It is important to be a professional in the agricultural sector,” Sadigov said. “To invest in this sphere without being involved in it is a wrong approach, because the investor may be unable to understand why and how the investments are lost. Agriculture is a specific sector. Without knowing it, it may be risky to invest in it. This is a profitable sector, but only if a professional approach is taken."

According to the expert, the family business is another profitable sphere. "This business has achieved great success in Japan, Malaysia, Taiwan, Indonesia and other Southeast Asian countries, as well as across Europe,” Sadigov said.

“Most of well-known European brands were created through the family business,” he noted. “In Azerbaijan, ABAD project, which mainly supports family businesses, is being implemented, and this is very positive. Every citizen may assess his or her potential and create the small family business by appealing to ABAD centers. It may seem that self-employment is simple, but this is an extremely important issue.”

The expert also shared his opinion about cryptocurrency. “Investing in cryptocurrency, which becomes popular today, may be risky,” the expert said. “The person who eyes to invest in financial markets in cryptocurrency must be careful. There is a very high volatility in this sector, which means that there is also a high risk of losses.”




Most read articles

More from Economy

In The Region

Editor's Picks

Azerbaijan Cuisine

Explore the food of Azerbaijan - from sherbet to succulent kebab, from baklava to fragrant pilaff

Follow us

Find us on Facebook

Real estate

Virtual karabakh