Azerbaijan Begins Implementing New Economic Policy Mechanisms - Deputy Minister


(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 20. The implementation of new mechanisms in the economic policy of Azerbaijan has been launched, the First Deputy Minister of Economy Elnur Aliyev said at the Customs Business Forum 2023 (CBF23) in Baku, Trend reports.

"The socioeconomic growth strategy, undertaken under President Ilham Aliyev's leadership, establishes major targets for the country. Above all, this entails improving the attractiveness of the business climate, diversifying the economy, and adopting an export-oriented economic growth model," he noted.

"It entails developing new mechanisms to assist the private sector, successfully supporting small and medium-sized firms, investments, and exports, and growing economic activity in regions and industrial zones in conjunction with the adoption of measures to facilitate their development," the official explained.

"The favorable business environment created for investors, along with provided benefits and preferences, including the stimulation of private entrepreneurship in liberated territories, ensures an increase in investments in the country's economy, the establishment of new production areas, and job creation," Aliyev pointed out.

"The implementation of new economic policy mechanisms has begun, including the use of public-private partnerships, credit guarantee and interest subsidy instruments, as well as specific privatization measures aimed at increasing private investment activity in the country," he added.

The GBF23 has kicked off in Baku as part of a series of events dedicated to the 100th anniversary of the national leader Heydar Aliyev.

The main goal of the forum, which was organized to inform citizens and business entities about projects implemented by the customs service as part of President of the Republic of Azerbaijan Ilham Aliyev's broad economic reforms aimed at ensuring Azerbaijan's long-term development, is to provide a corporate report from the Committee on Customs and Business Cooperation.

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