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.
Aliyev targets Azeri diversification and FDI in non-oil industries
President Aliyev addresses Cabinet
Source: Azernews