Sunday, 28 November 2021 12:39 GMT

Azerbaijan to boost non-oil export to $2.2bn


(MENAFN- AzerNews) By Ayya Lmahamad

Azerbaijan plans to increase exports of non-oil products to $2.2 billion in the future, Economy Minister Mikayil Jabbarov has said.

He made the remarks at the Baku-based “Foreign Business in Azerbaijan: Business Climate Survey 2020” event.

Export growth

“Our country's oil exports are one of the drivers of Azerbaijan's economy, and it has grown by 37 percent this year. We also plan to increase export of non-oil products to $2.2 billion in the future,” he said.

The minister stated that it is planned to increase the country's GDP by 4 percent. He added that the current GDP growth rate exceeded all expectations.

"This year we should also expect export growth. We see the potential for further recycling of raw materials and increasing exports through this," he stated.

Jabbarov also said that Azerbaijan is creating a number of electronic platforms to support business, transparent subsidies and credit allocation.

In the first six months of the year, tax revenues have increased by 13.8 percent compared to the same period last year, which is by 23 percent higher than predicted.

He noted that the reconstruction and construction of smart cities are underway in Azerbaijan's liberated lands. The minister stressed that the liberation of those territories has created new opportunities for the development of the country's international cooperation.

Jabbarov noted that the five-year strategic plan, whose approval is expected by the end of this year, will support the further development of the country's economy.

“This document will support the further development of the economy. The quality and accessibility of public procurement reforms will improve. The development of a competitive environment will be encouraged," he said.

New industrial parks

Speaking at the event, the minister also noted that new industrial parks are planned to be created in Azerbaijan in the near future.

He stated that new economic opportunities have opened up for Azerbaijan with the liberation of its territories from the Armenian occupation, adding that the current goals are to ensure the quality of life there and the implementation of projects for the creation of smart villages.

Jabbarov recalled that the creation of an industrial park in Aghdam has recently begun. In addition, commenting on the creation of Alat Free Economic Zone, the minister noted that its completion is expected in July 2022.

Business support measures

Jabbarov stated that over 1,900 applications for business support have been approved in Azerbaijan.

He noted that the past year and a half were unexpected for all countries, including Azerbaijan due to the COVID-19 pandemic. The minister added that a number of projects were launched in the country, including payment of direct financial assistance, subsidies, and so on.

“Many of these measures will be supported in the future. One of such support measures is an electronic platform for submitting business applications. More than 5,300 applications were submitted. Of these applications, 1,900 have already been approved, and this is quite impressionable" the minister added.

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Ayya Lmahamad is AzerNews' staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz

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