Retail can contribute to diversification objective of Azerbaijan`s economy

Photo: Retail can contribute to diversification objective of Azerbaijan`s economy / Finance

Baku, Azerbaijan, April 21
By Emin Aliyev - Trend:

Retail business and its development can make a significant contribution to achieving the objectives of diversification of the Azerbaijani economy, the Deputy Minister of Economy and Industry of Azerbaijan Sahil Babayev said.

"Azerbaijan has made significant progress in the economic development over the past 10 years and now the country is facing with the task of diversifying the economy which is reflected in the Azerbaijan 2020: outlook for future development conception," said the deputy minister.

The UAE has extensive experience in the development of retail and franchising, and this experience can be beneficial to local entrepreneurs," Babayev said at a roundtable on the development of retail and franchising, organized as part of a Dubai Chamber (a structure engaged in the development of the business environment and the protection of the business interests of the United Arab Emirates) delegation visit to the country.

More than 20 agreements on cooperation in various spheres of the economy have been signed with the Emirates.

At present about 200 companies with investment from the United Arab Emirates operate in Azerbaijan. In recent years more than $465 million were invested by the UAE in this Caspian nation.

"There is great potential for expansion of cooperation between our countries," the deputy minister said.

Translated by S.I.

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