EBRD recommends Azerbaijan to build strong institutions to develop entrepreneurship
Azerbaijan, Baku, June 9 / Trend A. Akhundov /
Azerbaijan has two main objectives - the effective and transparent use of oil and gas revenues and structural reforms to maintain the existing economic development in the long-term-prospect, the head of the European Bank for Reconstruction and Development (EBRD) in Azerbaijan Francis Deley said.
"Azerbaijan continues developing and getting rich in the medium term prospect," he said. "But the non-oil sector country must be encouraged and developed."
Second, it is necessary to build strong institutions that will encourage civil society, effective parliament, as well as a strong and independent judicial system. It will support the further development of entrepreneurship.
"Third, foreign investments," he said. "Foreign investments are not only money. They are innovations and experience they create access to the new markets and raise competition that leads to lower prices, better quality of goods and services."
"I am from Belgium - a small country without natural resources," he said. "But in terms of GDP per capita, it is among the leading world countries because we have a very open economy. I do not know any large Belgian company without foreign capital. The banking sector is controlled by French and Dutch banks and the chocolate industry - by the U.S and Turkish companies."
The EBRD investment in Azerbaijan amounted to $1.6 billion in 118 projects, portfolio - about $ 1 billion since its activity in Azerbaijan in 1991 to the present day.
About 48 percent of the portfolio fall to in the energy sector, 23 percent - corporate, 18 percent - fiscal, 13 percent - infrastructure.