Private sector to ensure Azerbaijan`s future economic development

Photo: Private sector to ensure Azerbaijan`s future economic development / Economy news

Baku, Azerbaijan, March 12

By Abbas Akhundov - Trend:

The development of the private sector will ensure the future development of Azerbaijan`s economy, head of the Azerbaijani Fund Export and Investment Promotion (AZPROMO) Rufat Mammadov said at the Azerbaijan Investment Summit '2020 and further accelerating economic development' held in Baku on March 12.

"One of the most important factors in the sustainability of this development is its predictability," he said.

"In this context, the development concept 'Azerbaijan 2020: A look in the Future" plays a crucial role in the future economic development of the country which implies the goals and objectives before the country, as well as ways to achieve them. Undoubtedly, one of the main tasks is the diversification of the national economy."

The former finance minister of Poland, and current Director of TIGER -Transformation, Integration and Globalisation Economic Research at Kozminski University, Professor Grzegorz W. Kolodko said that diversification which is the main task of the Azerbaijani economy, should be conducted in two directions.

First, he said, it is the restructuring of the economy, withdrawal from a single source of growth through the creation of small enterprises in various sectors and secondly, the geographical diversification of trade.

The Azerbaijan Investment Summit underway in Baku on March 12 is being organised by The Economist magazine.

Translated by S.I.
Edited by S.M.

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