Deputy minister: Reforms in Azerbaijan ensure significant growth of national economy

Deputy minister: Reforms in Azerbaijan ensure significant growth of national economy

Baku, Azerbaijan, March 30

By Matanat Nasibova - Trend:

The profound reforms carried out in Azerbaijan in recent years have contributed to a significant increase in the national economy, as well as the country's position in the rankings of leading international organizations, the Deputy Economy Minister of Azerbaijan Sahib Mammadov said during the international conference "Economic reforms: development and diversification of entrepreneurship" in Baku, Trend reports.

Thanks to the reforms carried out in the country, the national economy of Azerbaijan has been able to withstand external challenges against the backdrop of complex processes in the region and the world, the deputy minister said.

"Today, one of the important tasks of state policy is the diversification of the national economy, the development of the non-oil sector, its important segments, and the improvement of the business climate through the development of entrepreneurship in Azerbaijan. In all these areas, today, there are positive results that have been achieved through reforms," he added.

Mammadov noted that all the main goals and objectives of socio-economic development are set out in the Strategic Roadmap, and concrete steps are taken by the state to implement them, including the improvement of the legislative system.

The deputy minister stressed that one of the important terms for socio-economic growth is the development of entrepreneurship, and the state pays special attention to this segment.

"The fact that Azerbaijan is actively promoting the business environment, and there is strong support for the business sector, is one of the demonstrable results of the reforms. This is a very important factor, because the development of entrepreneurship increases the country's investment opportunities. At the same time, today 50 percent of investments in the country's economy are accounted for by foreign injections," Mammadov said.

The deputy minister noted that some of the important conditions for the qualitative growth of the national economy include the development of the industrial sector, the creation of industrial parks, and the expansion of the agricultural and manufacturing sectors.

"It is necessary for forming an optimal environment for the production of high-quality agricultural or industrial products. At the same time, the competitiveness of Azerbaijani agricultural products increases the country's export potential due to high quality, as well as the chances of promoting domestic products to foreign markets. As a result of successful reforms, I would also note the construction sector of Azerbaijan, which is currently showing good performance. The growth in the production of building materials in Azerbaijan has had a positive impact on the state of the construction sector, and there is also a significant dynamic in this segment," Mammadov said.

Further, the deputy minister drew attention to the tourism sector, noting the positive dynamics of its development.

"The expansion of the tourism sector is of great importance not only for the development of the economy and the growth of cash inflows into the country, but also for improving the image of Azerbaijan in the region and the world," Mammadov said.

According to the deputy minister, the improvement of Azerbaijan's position in the World Bank's Doing Business-2019 rating was directly connected to institutional reforms and fundamental reforms that have been systematically carried out over the past 3 years, which are based on sound and balanced economic policy of the state.

According to the deputy minister, the fact that Azerbaijan has significantly improved its position in the Doing Business - 2019 global ranking of the World Bank Group, ranking 25th among 190 countries, is a clear indicator of the success of the reforms and the competent economic policy of the Azerbaijani state.

An international conference titled "Economic Reforms: Development and Diversification of Entrepreneurship" was held in Baku on March 29, 2019. The conference was organized by the Center for Analysis of Economic Reforms and Communications of Azerbaijan and the Organization for Economic Cooperation and Development (OECD).

The main objectives of the conference are to further strengthen ties between the Eurasian region and OECD countries, expand cooperation in the economic and social development of the region, and discuss ways to solve existing problems in these areas.

The conference was attended by high-ranking representatives of the government of Azerbaijan and international organizations.


Follow the author on Twitter: @MatanatNasibova

Subscribe to Trend in Google News! Subscribe
Buta Airways to Resume Flights from Baku to Kazan and Ufa
Buta Airways to Resume Flights from Baku to Kazan and Ufa
Azercosmos OJSC announces tender
Azercosmos OJSC announces tender
Baku Transport Agency talks details of bus accident on Zikh highway
Baku Transport Agency talks details of bus accident on Zikh highway
Loading Bars
Uzbekistan shares domestic COVID-19 data for January 20
Oil falls as U.S. inventory build prompts profit-taking
MFA of Kazakhstan issues statement on European Parliament resolution on situation in country
Japan approves Pfizer's COVID-19 vaccine for children aged 5-11
2022 can be called the year of investments in Karabakh - Country Managing Partner of PwC (Interview) (PHOTO/VIDEO)
16,284 more COVID-19 cases reported in Kazakhstan
China, Russia delay U.S. bid to sanction North Koreans at U.N.
Turkey confirms 71,843 daily COVID-19 cases
New vaccine passport rules in France to come into power from next week
U.S. FAA approves 78% of planes for low-visibility landings near 5G airports
Gloomy Netflix forecast erases much of stock's pandemic gains
Turkey, El Salvador sign 6 agreements during Bukele visit
Austria becomes first country in Europe to mandate COVID-19 vaccination for all adults
Google launches fresh appeal to overturn $2.8 bln fine at top EU court
Russian, Iranian top diplomats confirm commitment to Vienna talks to restore JCPOA - MFA
Gas prices in Europe above $900 per 1,000 cubic meters
Tehran offers swap of Russian gas from Azerbaijan to southern Iran
Czech Development Agency eyes launching new projects in Georgia in 2022
Sudan military chief Burhan announces ministerial appointments: Sovereign council
Azerbaijani FM discusses issues of bilateral cooperation with Austrian minister
Azerbaijani FM meets with OPEC Secretary General (PHOTO)
UN General Assembly adopts resolution condemning Holocaust denial
Cavushoglu and Israel's Lapid hold phone call
Iran, Russia reach agreements in oil and gas sector, says minister
Children over 5 years old allowed to be vaccinated against coronavirus in Uzbekistan
Ankara expects to host Putin-Zelensky meeting - Erdogan
Turkey, Qatar agree on ensuring security at Kabul airport
Turkish Parliament speaker pays tribute to memory of martyrs of Azerbaijan's January 20 tragedy
Georgia slightly decreases imports of petroleum gases from Azerbaijan
US will keep probing diplomats’ health incidents: Blinken
Georgia shares data on cement imports from Azerbaijan
Kazakhstan Railways opens tender to buy spare parts
Azerbaijan's metallurgical production increases
Cost of manufactured computers up in Azerbaijan
Central Bank of Turkey makes decision on key rate
President Ilham Aliyev receives Advisor to French President's Cabinet and EU Special Representative for South Caucasus (VIDEO)
January 20 tragedy laid foundation for Azerbaijanis' struggle to restore their statehood and independence
Azerbaijan shares data on number of vaccinated citizens
Price indexes of industrial, trade sectors at Uzbek stock exchange rise
Azerbaijan confirms 1,186 more COVID-19 cases, 582 recoveries
Turkish VP tweets about anniversary of Azerbaijan's January 20 tragedy
Kazakhstan talks persons not eligible for support on loan deferrals, write-offs
Uzbekistan’s Bukhara oil refinery discloses volume of its production in 2021
Turkmen enterprise releases its first tablets and smartphones
Azerbaijan is beneficiary of recovery trend in hydrocarbon market - Gazprombank
Technical specifications of Azerbaijan’s Khizi-Absheron power plant revealed
Uzbek Central Bank makes decision on its main rate
Azerbaijan boosts oil exports to Georgia
State Statistics Committee discloses cost of machinery, equipment produced in Azerbaijan
Cars re-export from Georgia to Azerbaijan increases
Uzbekistan’s gas chemical complex reveals volume of its products for 2021
Kazakhstan unveils value of vehicles insurance over 11M2021
Kazakhstan reports increase in monetary base value
Kazakhstan's first president to retain right to speak at parliament and government
Azerbaijani Executive Power in Baku opens tender for purchase of truck spare parts
Tesla Berlin factory to elect works council on Feb 28
Kazakhstan to introduce two alternative ways to repay deferred payments
Introducing hydrogen as energy carrier can raise energy security risks
Impact of large-scale protests in Kazakhstan yet to play out - WoodMac
Azerbaijan's State Agency for Use of Mineral Resources opens tender on survey services
India’s cumulative COVID-19 vaccination coverage exceeds 158.88 Cr
PM Modi to host first ever India-Central Asia Summit in virtual format on Jan 27
Indian NSE world’s largest derivatives exchange for 3rd straight year
Artel launches Innovative Educational Center in Tashkent
Uzbekistan shares data on industrial production in 2021
Events held in Azerbaijani army, dedicated to January 20 tragedy (PHOTO)
Guides to accompany passengers of bus trips to Azerbaijan’s liberated Aghdam, Shusha cities
Can hydrogen market be cartelized?
Azerbaijani NBCO eyes boosting car loan portfolio
Memory of January 20 tragedy victims honored in Azerbaijan's Shusha (VIDEO)
Indian economic recovery yet to attain durability: Icra
Russia records another 38,850 coronavirus cases, highest daily number since Nov 13
PM to launch India-assisted projects with Mauritius counterpart Jugnauth today
Rapid growth of hydrogen to underpin rising demand for nickel, zirconium
Azerbaijani State Border Service to purchase building materials via tender
Iran’s CBI discloses data on balance of bank loans
Uzbek Statistics Committee reveals amount of construction work done in 2021
Azerbaijan's minister of health talks quarantine regime
Turkmen garment factory ramps up production
Iran reveals COVID-19 data for January 20
IEA expects Azerbaijan to increase oil output in 2022
Turkish MoD shares publication on anniversary of January 20 tragedy in Azerbaijan
Work related to Armenia's environmental crimes in Azerbaijan's Karabakh in progress - ministry
Iran’s Bahar Azadi gold coin price continues to rise
Turkish, Armenian special reps to discuss confidence-building measures - FM
IEA evaluates Azerbaijan’s OPEC+ compliance
Kazakhstan crude and condensate production estimated to go up in 2022
European Hydrogen Backbone joined by six more companies
Swiss Expo inks solar power purchase agreement in Poland
Кazakh Electricity Grid Operating Company opens tender to buy spares for vehicles
Turkmenbashi refinery opens tender to purchase necessary equipment
EBRD to allocate loan for Turkey’s renewable energy sector
Azerbaijan develops action plan to provide liberated areas with internet
Georgia shares data on trade turnover with Azerbaijan
Russian MFA talks about expansion of transport corridors within GUAM
Recognise ‘Hinduphobia’ and violence against Buddhists, Sikhs too: Indian envoy to U.N.
Work related to Armenian crimes against Azerbaijanis continues - Prosecutor General
Momentum in India's favour, need to prevail over COVID-19: Deloitte CEO on economic development
Central Bank of Iran shares data on exchange of bank checks countrywide
Proud to hold TEKNOFEST int'l aviation, space, technology festival in Azerbaijan - Turkish Baykar Makina
All news