Minister: Necessary to achieve increased economic activity in Azerbaijan
BAKU, Azerbaijan, Oct. 28
There are certain shortcomings in Azerbaijan’s economy, which Azerbaijani President Ilham Aliyev has pointed out; therefore, it is necessary to achieve increased economic activity, stimulate the creation of new facilities and jobs, Azerbaijan’s Economy Minister Mikail Jabbarov said, Trend reports citing Azerbaijan’s AzTV state TV channel.
The minister noted that there are goals and objectives set before the ministry to accelerate economic growth, especially in the non-oil sector, to improve the conditions for small and medium-sized enterprises (SMEs) and ensure free competition.
“The Economy Ministry intends to update work programs and thereby determine further goals,” Jabbarov added. “We will continue our work on a positive basis. Looking at our macroeconomics, it is possible to observe some positive indicators."
"We have a low level of external debt and macroeconomic stability is ensured. Over the past 10 months, there has been observed a tendency of switching from the informal economy to the formal one, that is, from shadow economy to its 'whitening'. We see this in new labor contracts, an increase in the number of jobs, tax and customs revenues and a number of other economic factors,” the minister said.