Baku, Azerbaijan, Jan. 31
By Anvar Mammadov – Trend:
Diversification of export will be Azerbaijan’s main priority in the next few years, Deputy Economy Minister Sahil Babayev told a meeting with members of the American Chamber of Commerce in Azerbaijan (AmCham).
“The non-oil sector has long accounted for the main part of Azerbaijan's GDP, but the Azerbaijani export mainly depends on the oil sector,” he said during the meeting held in Baku Jan. 31.
“In 2016, 65 percent of the GDP was formed in the non-oil sector, while only 35 percent was formed in the oil sector. But we have not yet been able to achieve such diversification in export. Oil is still our main export commodity. We don’t want our exports depend on one product and we have all the necessary opportunities to achieve this goal,” Babayev said.
Another priority will be ensuring macroeconomic and financial stability, as well as creating a more favorable business environment, according to him.
“We all know what business sector needs from the government for development. Firstly, it is political and economic stability, secondly, a favorable business environment and, finally, investment protection,” said Babayev. “Azerbaijan has signed more than 48 agreements to protect foreign investment. Azerbaijan provides the business sector with all the necessary conditions for development.”