Minister: Azerbaijan's share in economy of South Caucasus accounts for 75 percent
Azerbaijan, Baku, July 6 /Trend, A.Akhundov /
Azerbaijan's share in the economy of the South Caucasus accounts for 75 percent, Economic Development Minister Shahin Mustafayev said during his speech at the event held on Wednesday as part of III Congress of World Azerbaijanis.
"The amount of strategic monetary reserves totaled about $40 billion. Azerbaijan's share in the economy of the South Caucasus accounts for 75 percent," Mustafayev said.
He said a total of 60 industrial enterprises have been commissioned as part of the industrial policy last year, the construction of more than 80 industrial enterprises is now continuing.
According to the minister, for the sustainable economic development of Azerbaijan over the next years, the following priorities have been determined:
- maintenance of macroeconomic stability,
- strengthening economic diversification,
- accelerating industrialization, construction of industrial towns,
- increasing use of intensive methods in agriculture,
- efficient use of transit potential, completing construction of the Baku-Tbilisi-Kars railway,
International Sea Trade Port and Shipyard,
- expanding opportunities to use information and communication technologies and the development of innovation activities, commissioning of the first artificial satellite of Azerbaijan,
- lasting improvement of business and investment environment,
- accelerating integration into the global economy, the establishment of trading houses abroad
- environmental protection, expanding the possibilities of using alternative energy sources,
- tourism development,
- ensuring high social welfare and development of human capital.