Deputy minister: Azerbaijan expects non-oil export per capita to increase 17 times by 2020

Business Materials 10 March 2010 19:24 (UTC +04:00)

UK, London, March 10 / Trend , N.Ismayilova/

Azerbaijan aims to achieve the amount of non-extraction export per capita at $5,000 by 2020, the Deputy Minister of Economic Development of Azerbaijan Sevinj Hasanova said in her speech at the trade and investment forum "The United Kingdom in Azerbaijan", which took place in London on March 8. The forum was organized with the support of the Middle East Association and the International Bank of Azerbaijan.

"Well-known economists, involved in the preparation of a long-term development strategy for Azerbaijan's economy together with the government of Azerbaijan, helped identify the main directions of the post-crisis development of Azerbaijan. The main purpose of it was determined to achieve non-oil exports per capita to $5,000 by 2020," said Hasanova.

According to her, in 2009 the figure was $287. For example: in Japan it was $6,154 and in the United States - $4,191. [The non-extraction export means non-oil exports including processed products.]
"According to our calculations, this goal can be achieved with an annual growth of non-oil exports by 21 percent," said Hasanov.

According to the deputy minister, this figure rose by an average of 20.3 percent in the period of 2001-2009. To achieve these goals the annual growth of real non-oil (non-extraction) GDP must total 7 percent, the investments in non-oil sector - 8 percent, as well as investment in non-oil sector must increase from $750 million in 2009 to $4.2 billion in 2016.

According to forecasts by Nobel Laureate, Professor Ricardo Hausman, the per capita GDP in Azerbaijan is expected to increase by 7 percent by 2020.