Azerbaijan intends to seek new sources of investment in economy

Azerbaijan intends to seek new sources of investment in economy

Baku, Azerbaijan, Oct.14

By Ilaha Mammadli - Trend:

The total volume of investments to be made in Azerbaijan's economy in 2016-2019 is forecasted to reach 66.1 billion manats, the country's Minister of Economy and Industry Shahin Mustafayev said.

He made the remarks during the discussions on the draft state budget for 2016 and the subsequent three years in the plenary meeting of Azerbaijani parliament.

The official exchange rate on Oct.14 is 1.0473 AZN/USD.

Azerbaijan's expenditures began to decrease in recent times, since the oil prices in world markets have more than halved, said the minister.

"Accordingly, the expenditures on capital investments in 2016 state budget are forecasted to be less than in previous years," said Mustafayev. "This leads to attracting funds to the country's economy from other sources and take important steps for financing the real sector."

He said that the forecasted volume of investments in Azerbaijan's economy is 18.8 billion manats in 2016 and 47.3 billion manats in the subsequent three years.

The foreign investments will account for 8 billion manats in 2016 and 15.4 billion manats in 2017-2019, the minister said, adding that it is planned to invest 10.8 billion manats in the non-oil sector in 2016.

"As in previous years, in 2016, the economic growth in the country will be achieved through non-oil sector," said the minister. "At the end of this year, the growth of non-oil sector is expected to reach 5.9 percent and 3.4 percent next year. Its GDP share will increase from 61 percent in 2014 to 71.8 percent in 2016. Excluding the construction sector, the non-oil sector will grow by 5.3 percent, non-oil trade - by 7.2 percent."

He said that the average annual growth of non-oil industry in 2016-2019 is projected at 9.2 percent. "In 2016, the government intends to keep in focus the creation of new production facilities and production of competitive products," said the minister.

Mustafayev went on to add that agricultural growth in 2016 is projected at 5.5 percent and 5.2 percent in average per year in the next three years, and 4.8 percent and 5.1 percent growth, respectively, is projected in the service sector. The share of services in GDP will increase from 33.4 percent in 2014 to 40.9 percent in 2019, he said.

The sphere of information and communication in 2016 will grow by 13.5 percent and by 10.3 percent in the next three years in average per year, the transport sector will grow by 3 percent and 4.3 percent, respectively, according to Mustafayev.

The tourism sector in 2016-2019 will increase by 12.5 percent in average per year, according to the forecasts.

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