Azerbaijan prepares long-term strategy to diversify economy

Business Materials 26 January 2010 19:35 (UTC +04:00)

Azerbaijan, Baku, January 26 / Trend , N.Ismaylova /

In June, the government of Azerbaijan and World Bank (WB) will complete preparing a long-term development strategy within diversification of country's economy, Adalat Muradov, head of economic policy analysis and forecasting department, said during presentation of EBRD Transition report 2010 on Jan. 26.   

"The strategy is aimed at developing country's non-oil sector of economy, but it is hard to say what is the scope of the new strategy, but one of the important sectors, the development of which the government considers necessary, is agriculture, tourism, non-oil industry, transport," said Muradov.

According to him, non-oil exports per capita in the country totals $100, which shows the presence of a large potential in the country. The share of oil exports in GDP has declined from 58 to 49 percent since 2008.

"Non-oil sector of the country should be increased 30-50 times over the next 25 years," he said.