WB specifies terms of the forum on economic policy in Azerbaijan
Azerbaijan, Baku, Feb.14 /Trend N.Ismayilova/
The World Bank (WB) has agreed the terms of a second executive forum on economic policy, which will be held in Baku on March 5-6, hosted by the Azerbaijani government, the World Bank Baku office told Trend.
"If the first forum was called Forum on long-term economic development, the name of the second has been changed to a forum on economic policy," a bank official said.
The main issues to be discussed is the improvement of the business climate in Azerbaijan, the establishment of common rules for business activities, as well as the formation of viable institutions necessary for a market economy. World renowned experts, former high-ranking officials from Chile, Australia, Korea, and Turkey, whose activity has contributed to substantial progress in the development of their countries, are expected to participate at the forum.
The event will contribute to the development of the non-oil sector of Azerbaijan, by economic diversification, creation of work places, human capital development and the achievement of overall development in the next 10-20 years.
Agreement to prepare a plan of activities involving the diversification of the economy to further develop and conduct a new forum to assess progress and results on the long term economic development of Azerbaijan, which took place on October 21, 2009, was reached at the first forum.
The event created the opportunity to begin constructive dialogue on the diversification of the Azerbaijan's economy. The country was asked to prepare its own model of economic growth according to domestic and foreign markets based on the experience of Ireland and Slovakia.
The need to change the approach to the development of the country due to the global financial crisis and the gradual stabilisation of oil revenues in Azerbaijan was stressed in order to elevate Azerbaijan to a country with a high income by 2020.
The forum is being organised by the Azerbaijani government and World Bank in Baku, and was held along with the managing director of Bank Ngozi Okonjo-Iweala. Senior officials of the WB are expected to attend and a full delegate list is being prepared.
Azerbaijan has been a member of the World Bank since 1992. The WB has invested $2.9 billion in 43 project which puts the country in third place in terms of the portfolio after Turkey and Kazakhstan.