Natural and Resource Potential of the Region as Part of Investment Resources: Evidence from the Ganja-Gazakh Economic Region of Azerbaijan

Abstract

Subject. The article describes natural resource capabilities of the Ganja-Gazakh Economic Region of Azerbaijan, with the diversity, quantity, quality, exploration degree and parameters of raw material source exploitation in the region being a cornerstone for this. Objectives. The study is to promote such projects that involve an increase in both internal and external investment in the Ganja-Gazakh Economic Region. To achieve that, local authorities should improve the investment climate and prepare the acts – decisions within their areas of expertise that promote investments in the modernization of the industrial infrastructure and ensure that investors have access to the reliable information about the natural and resources potential of the region and its ecological situation. Methods. The study is based on the systems analysis. The emergence principle, also known as the principle of irreducibility, i.e. properties of a whole are not equal to a sum of properties of its components, in our opinion, may serve as means of guidance in use of natural and resource potential in order to face challenges of investing in a specific region. Results. We assessed the stock of the main natural resources types and revealed that the region’s environment severely suffered from the depletion and pollution aggravated by a growth in the consumption of natural resources consumption grows. Conclusions and Relevance. It is necessary to boost investment not only in projects for further use of natural resources but also in priority programs aiming at the recovery and preservation of the environment.