FORUM “OIL REVENUES AND DIVERSIFICATION OF AZERBAIJAN’S ECONOMY” WAS HELD IN BAKU

A forum “Oil revenues and diversification of the economy of Azerbaijan”, organized by the USA National Democracy Institute (NDI) was held on 18 August in Baku, Trend reports.

According to the NDI country director on Azerbaijan Christie Querk, the forum will enable to prepare a package of proposals on solving backlog problems in the country’s oil sector.

A package of proposals, developed by the NGO task force, set up on the results of he previous forum held in Baku on 22 June has been put forward to the public attention at the forum. The members of the task force: economists Ali Masimov, Gubad Ibadoglu, Magomed Talibli, Nemat Aliyev, Zohrab Ismailli and other.

Ismailli told in detail of the content of the proposals on expedient use of oil and gas revenues and noted, 14 trends are reflected in the proposals, from which 7 are envisioned in the long-term strategy of Azerbaijan on management of such revenues.

"The major priority trend is development of the non-oil sector, small and medium size entrepreneurship. We suppose, it would be expedient to set up the fund for micro-financing on the account of the State Oil Fund (SOFAR) means, as the specified sector of the economy needs crediting.

Development of regions, solution of communal problems, where appropriate, supply of power and gas, establishing and development of the infrastructure are also envisioned in the proposals”, he noted.

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