Azerbaijani Economic Council holds first meeting (VIDEO)

Azerbaijani Economic Council holds first meeting (VIDEO)

BAKU, Azerbaijan, Sept. 10


The first meeting of the Azerbaijani Economic Council, created upon the Azerbaijani president’s decree, was held on Sept. 10 under the chairmanship of Azerbaijani Prime Minister, Ali Asadov, the Azerbaijani Cabinet of Ministers told Trend on Sept. 10.

The members of the Council, namely, assistants to the Azerbaijani president Shahmar Movsumov and Natig Amirov, assistants to the Azerbaijani first vice president Emin Huseynov and Khalid Akhadov, Minister of Economy Mikayil Jabbarov, Minister of Finance Samir Sharifov, Minister of Labor and Social Protection of the Population Sahil Babayev, Chairman of the Central Bank of Azerbaijan Elman Rustamov, Executive Director of the State Oil Fund of Azerbaijan (SOFAZ) Israfil Mammadov attended the meeting.

Prime Minister Ali Asadov noted that the Economic Council, being a new platform, is an advantageous institution for collegial discussion of the most difficult problems in a difficult period for the world and the national economy, in order to come to a consensus.

“By the instructions of the head of state, the Economic Council should create a program on the framework of economic policy. In parallel with public investment, attracting private local and foreign investment should be the main task of the economic policy of the new period. The leading role of the private sector should be ensured, serious and radical steps should be taken to improve the investment environment,” the prime minister said.

In order to adequately respond to the strategic challenges, which national economic development is facing, the President of Azerbaijan set the following tasks:

• maintaining macroeconomic and financial stability;

• generation of new mechanisms for increasing the annual rates of economic growth;

• creation of more sustainable and inclusive sources of economic growth;

• in particular, attracting private investment, including foreign direct investment;

• determination of national development priorities based on the expansion of non-oil exports;

• radical improvement of the investment environment;

• strengthening the international competitiveness of the country's economy;

• increasing socio-economic well-being;

• and other strategic objectives.

“To ensure the fulfillment of these tasks in the Decree of the Azerbaijani president, the Economic Council is instructed to prepare proposals based on the successful models available in the world in all spheres of the economy, including in the fiscal, monetary sectors and the financial and banking sector, the real sector, in encouraging private investment, regulating the activities of state-owned enterprises, improving the efficiency of the social protection system, developing health care and education,” Asadov said.

In order to implement the measures envisaged in the decree, the council is allowed to attract local and foreign experts, international organizations and academic institutions.

Speaking at the meeting, the members of the council shared their opinions on the Regulation on Council, development of a long-term work plan, directions of reforms.

In conclusion, the prime minister, on behalf of the members of the Economic Council, said that the council is fully aware of its responsibility for the implementation of the difficult and honorable tasks set by the President of Azerbaijan and will ensure the prompt adoption of all necessary measures in this direction.

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