Private sector share in financing Azerbaijan's non-oil sector to be increased

Economy Materials 2 February 2021 21:05 (UTC +04:00)
Private sector share in financing Azerbaijan's non-oil sector to be increased

BAKU, Azerbaijan, Feb. 2

By Asif Mehman - Trend:

Economic growth must be based on innovative and effective private initiatives, therefore public-private partnership must be strengthened, Trend reports referring to "Azerbaijan 2030: National Priorities for Social and Economic Development" approved upon the order of Azerbaijani President Ilham Aliyev on Feb. 2.

It is necessary to revive the activity of the innovative private sector and increase its share in financing the non-oil sector.

It is also necessary to greatly improve the business environment for the private sector, especially small and medium-sized enterprises, to become the main source of economic growth and employment, increase the transparency of the judiciary and prevent unfair competition.

A new transparent privatization strategy must be implemented, the economic efficiency of business promotion mechanisms must be increased.

Tax and customs policy must serve as an incentive for entrepreneurship by creating adequate opportunities to meet the state budget spending.

The development of capital and insurance markets, which are the main source of long-term investment resources in the economy, must be accelerated.

It is necessary to ensure the stability of the national banking sector, increase confidence in it, increase the share of banks in financing the real sector of the economy and stimulate the development of the entrepreneurial activity.

Real working mechanisms ensuring the availability of bank loans for the entrepreneurial activity must be created and bureaucratic obstacles to the issuance of bank loans must be removed.