Azerbaijan is a lower middle-income country comes under the Europe and Central Asian region. Azerbaijans economy is in a transitional state since the country declared its independence from the Soviet Union. Privatization has played a significant role in the success of economic reforms in the country. Rapid growth in the oil sector stimulated strong investment boom during the recent decade. Azerbaijans petroleum and natural gas reserves are enormous. It also has well-diversified agricultural and industrial sectors. Azerbaijan also has an abundance of other natural resources, such as lead, iron, copper minerals and construction materials such as marble and limestone. Azerbaijan exports besides oil and natural gas, chemical products, machinery, cotton, iron and steel.