Azerbaijan to develop high potential areas
Baku, Azerbaijan, Oct. 20
By Anvar Mammadov - Trend:
In the future, Azerbaijan will be able to provide financing of current expenditures of the state budget from the proceeds of the non-oil sector, the Azerbaijani Minister of Economy and Industry Shahin Mustafayev said Oct. 20.
Mustafayev made this statement at an event dedicated to the World Statistics Day.
Azerbaijan will continue its policy of diversification of the economy, he said.
"The work will continue in this direction," he said. "We will develop the high potential areas, but unused earlier," he said.
The minister said that one of these areas is the transport sector.
"This area has great potential," said Mustafayev. "We have to realize the transit potential of Azerbaijan. The relevant work to improve the competitiveness of the North-South and East-West transport corridors is currently underway, which will increase non-oil revenues of the country, and I believe that in the coming years we will get results of our work."
The minister said that the share of non-oil sector in Azerbaijan's GDP is growing every year.
"Over the last nine months of 2015, the figure was 68 percent, and next year it is projected to reach 71 percent," said Mustafayev.
Edited by CN