Cotton, often referred to as the “white gold” of Azerbaijan, has a long history of production in the country. As potential investors in Azerbaijan require an analysis of the performance of the cotton sector, its main opportunities and risks, this joint sector review of the Food and Agriculture Organization of the United Nations (FAO) and the European Bank for Reconstruction and Development (EBRD) provides a general overview of the sector, followed by an analysis of more specific aspects of cotton production such as economic and financial profitability, agronomic practices, and social and environmental risks. While expanding cotton production presents a number of opportunities, notably in terms of its potential to provide employment in rural areas and its export potential, the report also underlines a number of environmental and social risks related to the growth of the sector.