CBA: Breeding ground for new economic policy formed in Azerbaijan

Business Materials 6 May 2013 15:54 (UTC +04:00)

Azerbaijan, Baku, May 6 / Trend A.Akhundov /

A breeding ground for the implementation of a new paradigm of development of Azerbaijan, namely growth strategy in foreign markets, is being formed today, an article by the chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov published in the Azerbaijan Banks Association's magazine 'Banks and business' says.

"Today, with the start of the structural transformation of the global economy, countries with economies of a small and medium volume seek development opportunities in foreign markets. Partial modification of the model of the Chinese economy and the change in its focus on the domestic market creates opportunities to export to other countries. These conditions form a breeding ground for the implementation of a new paradigm of development in Azerbaijan," Rustamov said.

According to him, the experience of countries that have achieved success in the export-oriented development shows that such a model requires the production and export of at least 70 per cent of products under international commodity classification and in general ,an output of 50-70 per cent of GDP to foreign markets.

"Today, the total non-oil export of goods and services in Azerbaijan exceeds $6 billion. Apart from the production of goods, the services sector also has the potential and advantages to become a significant export cluster," Rustamov said.

According to him, a strategic role in the implementation of a new model of economic growth will be played by human capital development. In this regard, preparation of a new education strategy has been completed in the country.