Development of petrochemistry as the most important factor in creating a sustainable economy in Azerbaijan

Mamedova Nigar Arzukizi

The purpose of the article is to study the current state of production of petrochemical products in the links of the value chain. prospects for its development in Azerbaijan, consideration of the possibility of completing the value chain, assessing the impact of completing the value chain on the country’s foreign trade balance. Based on the analysis of the global plastic market, it was found that the world is growing annually in the production of plastic products and the processing of plastic waste, including the need for plastic products, which indicates the prospects of this sector and the long-term investment income. An assessment is given of the damage to the economy of Azerbaijan from the export of unprocessed plastic raw materials. It was shown that the organization of the production of plastic products will significantly increase the trade balance of Azerbaijan. Problems in the organization of production of plastic products are considered and ways to eliminate them are shown.

Keywords:value added chain, foreign trade balance, production, investment, plastics, petrochemicals.