Azerbaijan increases economic growth rates despite crisis: parliamentary commission head

Business Materials 27 April 2009 13:31 (UTC +04:00)

Azerbaijan, Baku, April 27 / Trend , U. Ismayilova, E. Ismayilov, A. Badalova/ 

The key task at the moment is develop country's economy will small losses amid the world economic and financial crisis, Azerbaijan's Standing Parliamentary Economic Commission chairman Ziyad Samadzade said at a third Caspian Oil and Gas and Trade and Transport conference in Baku.

"We can not say that the crisis has not affected Azerbaijan at all. The way out [of the crisis] is development of national economy and enhancing competitiveness," Samadzade said.

Every country should have own strategy of economic development, he said.

"Our strategy enables to keep situation stabile and increase economic growth rates," he said.

Azerbaijan's experience rejects thesis by many Western experts who claim that oil producing countries have the lowest economic growth rates. Azerbaijan has demonstrated high growth rates for the last decade due to systematic economic policy, he said.

Samadzade said non-oil sector is developing at the same pace with the oil sector. Non-oil sector growth rates totaled 14 percent in the first quarter of 2009.

The British Confidence Energy and the Azerbaijan State Oil Academy are organizers of the conference. Trend Agency renders media support.

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