Baku, Azerbaijan, July 5
By Anvar Mammadov – Trend:
Some 1.3 million manats (1.7022 AZN = 1 USD on July 5) have been returned to Azerbaijani exporters since early 2017 as part of the program on the refund of a part of expenditures for the export of non-oil products, Azerbaijani Deputy Economy Minister Sahil Babayev said.
He made the remarks July 5 in Baku at the opening ceremony of the “Be Ready for Trade” project.
He said that the measures on promoting export and the “Made in Azerbaijan” brand led to a 22 percent increase in the country’s non-oil export, and in general, the volume of export grew 44 percent.
“But one shouldn’t forget about the challenges we are facing,” Babayev said. “Despite that we were able to diversify our economy, oil and oil products still constitute the major part of our exports volume. So, currently, the main steps are aimed at diversifying our exports.”
It should be recalled that Azerbaijan refunds 3-6 percent of the customs value of goods to non-oil exporters within the framework of mechanisms on promoting exports of non-oil products.