CIS Finance and Banking Council First VP: Azerbaijan's economy is one of fastest-growing economies worldwide

CIS Finance and Banking Council First VP: Azerbaijan's economy is one of fastest-growing economies worldwide

Azerbaijan, Baku, Oct. 21 / Trend, I.Khalilova /

Holding the third Baku International Conference of the CIS member-states on the topic "Financial institutions - basis of structural modernization of economies of the CIS" is very important to define the constructive challenges and structural ideas in the post-crisis period," Jahangir Hajiyev, the first Vice President of Finance and Banking Council of the CIS, Chairman of the Board of the International Bank of Azerbaijan, said.

"I firmly believe that structural modernization of economies, in particular Azerbaijan's economy, is call of the times. Azerbaijani economy is one of the fastest-growing in the world and it has been leading in the Commonwealth for GDP growth rate over the last five years," Hajiyev said.

According to Hajiyev, Azerbaijan's economy has demonstrated its stability even in terms of economic cataclysms primarily due to both best achievements and effectiveness and efficiency of taking the crisis measures. Expert community recognized these measures as one of the most active in the post-Soviet area. Over the past two years, the World Bank recognized Azerbaijan as a world-leader in the field of reform, and leading international financial institutions included it in the group of countries whose economies are least affected by the global financial crisis.

"Azerbaijan is a self-sufficient state providing itself with financial, energy and labor resources," Hajiyev said. "Our country strengthens its position in the region and serves as a stabilizing factor in every field of economy. All this has given good reason to believe we have completed the transition period in economy and entered a new phase of development. Now a new stage of upgrading economy is coming. That needs the active phase of structural change and it is primarily about institutional and sectoral structure of the economy".

Azerbaijan has reached certain backlog in term of innovation development.

According to the World Economic Forum's "Global Competitiveness Report 2010 - 2011", Azerbaijan ranks 61 among 139 countries of the world and second in the CIS (after Russia) for the innovation factor. It considerably passes ahead of its neighbors in the Caucasus and Central Asia.

The conference in Baku is expected to discuss the role of international and regional funds in funding the programs of structural modernization, the experience of national and supranational bodies of the CIS in creating a favorable climate and coordinating the modernization projects, importance of national development institutions in implementing transboundary projects in the CIS countries.  

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