Weekly economic review (dec. 19-24)

Analysis Materials 26 December 2011 11:14 (UTC +04:00)

The Azerbaijani government has set five major priorities for economic modernization, Economic Development Minister Shahin Mustafayev said at a conference.

Azerbaijan's innovative development, mainly, means the Azerbaijani companies' development of modern technologies, ensuring the production of new competitive products and expanding the export markets.

The second direction is to strengthen rapidly developing market institutions and ensuring competition.

This is one of important elements of Azerbaijan's economic policy in terms of entrepreneurship development and attracting investments into the country.

The third direction is to continue diversifying the national economy, using technologies, and improving the competitiveness of the processing industry and the "knowledge economy".

Today, the work is underway to improve the legal and economic foundations of innovation to stimulate innovative development. This is an important element of modernization policy.

The fourth direction is to achieve a new quality of human capital, to bring the staff training in accordance with the requirements of the economy.

Taking this into account, at present, the measures are underway to modernize the form and content of education in the country.

The last fifth direction economy is to continue working to create new sources of economic growth.

Over 60 representatives from 33 countries of four continents, including such powerful countries as China, Great Britain, France, Russia, Turkey, Italy and so on attend the international conference on "Modernization policy: the new economy and social challenges" in Baku.

The event aims to highlight these issues, as well as to emphasize the importance of international cooperation to resolve them and to expand partnership between the countries.