Azerbaijan, Baku, Oct. 19 /Trend, I.Khalilova/
The World Bank (WB) has postponed conducting the second forum on Azerbaijan's long-term economic development, which was scheduled for Oct. 17-18 in Baku, WB Baku Office told Trend on Wednesday.
"The forum can be conducted not earlier than November, but the dates have yet to be clarified, the office said. - The main reason for postponing such an important event for both the bank and the government of Azerbaijan is connected with the conflicted graph of potential participants of the forum, which is expected to be attended by the world-known experts, former high-ranking officials from Chile, Australia, Korea, Turkey, who made a great contribution to the development of their countries".
According to WB representatives, the forum can contribute to the development of non-oil sector of Azerbaijan, economic diversification, job creation, human capital development and the achievement of concrete progress over the next 10-20 years.
"The main issues to be discussed at the forum are to improve the business climate in Azerbaijan, establish common rules for business activities, as well as form viable institutions necessary for the market economy," head of WB Baku office Joseph Owen said earlier.
Following the first such forum on Oct. 21, 2009, the sides agreed to prepare an action plan to diversify the economy with a view to improve development, as well as to hold a new forum to assess progress and results. The forum was organized in Baku with the participation of WB
Managing Director Ngozi Okonjo-Iweala.
The forum created the opportunity for a constructive dialogue on economic diversification. The country was offered to prepare their own model of economic growth upon the experience of Ireland and Slovakia and balance the dependence on domestic and foreign markets.
Azerbaijan must increase non-oil exports for the next 10 years amid changing the economic environment and volatility in oil prices as a result of the global financial and economic crisis.
The world experience shows that this can be achieved only through a significant increase in foreign direct investments.
Azerbaijan Days were held at the WB head office in Washington in March. Central Bank of Azerbaijan Chairman Elman Rustamov held talks with WB President Robert Zoellick. Rustamov said the event would raise cooperation to a qualitatively new level.
Since joining the WB in 1992, the commitments to Azerbaijan total $2.9 billion in 43 projects.