Aliyev targets Azeri diversification and FDI in non-oil industries

President Aliyev addresses Cabinet

Azeri diversification: At a meeting of the country’s Cabinet in Baku this week, Azerbaijan’s President Ilham Aliyev set his ministers the  goal of weaning the country off its dependence on hydrocarbons and of attracting foreign investment into its non-oil industries.
“Today, many investors are looking for a new economy, and Azerbaijan should be looking  to define its niche in the global economy,”  he said. Azerbaijan was an attractive proposition  for foreign investors, he added,  but acknowledged that the country faced stiff opposition from other countries also looking to attract inward investment. 
His government had recently invested heavily in the  development of its  marine, railway, automotive, utilities, and social infrastructures, he pointed out , as well as eliminating a lot of red tape. Its industrial parks offered new arrivals a seven-year tax holiday and its strategic geographical location as a bridgehead between Central Asia and Turkey was also advantageous.
The World Bank is predicting  that Azerbaijan’s economy will grow by 0.8% in the current year and by 1.2% in 2017.  

Source: Azernews