The Great Transformation: Modernization and Global Reach

Starting in 2003, Azerbaijan entered a period of intensive modernization and development. This period is characterised by fundamental transformation of the country’s physical and social infrastructure.

The State Oil Fund (SOFAZ) was established to ensure the strategic management of oil revenues. Fund revenues were directed to infrastructure projects, social programmes, and a reserve fund for future generations.

Massive infrastructure projects were implemented: new highways, railways, airports, and power plants were built. Regional development programmes ensured balanced development across the country.

Baku’s appearance changed fundamentally: new residential complexes, business centres, parks, and recreation zones were created. The city’s infrastructure was modernized to meet contemporary standards.

Hosting international events (Eurovision 2012, the European Games 2015, Formula 1, etc.) increased Azerbaijan’s recognition on the global arena. The tourism sector developed rapidly and the country became an international event venue.