MP: EBRD's investment in Azerbaijan to give impetus for developing non-oil sector

  29 April 2020    Read: 692

An investment of $250 million in Azerbaijan, planned by the European Bank for Reconstruction and Development (EBRD), will give an impetus for the development of the non-oil sector, MP Vugar Bayramov told Trend on Apr. 29.

He noted that attracting foreign investment to the country in the post-pandemic period is one of the priority issues.

“In particular, there is an order from President Ilham Aliyev on attracting foreign investment in the non-oil sector. On one hand, foreign investment allows us to finance the development of the non-oil sector, and on the other, the they are important in terms of attracting innovation and technologies to this sector through one of the leading financial institutions, the EBRD,” said the MP.

“The goal in the post-pandemic period is to increase competitiveness in the non-oil sector and increase refining production. The development of an export model based on the production of innovative and secondary products is a priority. The reforms that began after 2015, allow to increase the share of refined products in non-oil exports of Azerbaijan,” Bayramov emphasized.

“Attraction of foreign investment for the development of this direction is extremely important. After the end of the pandemic, each country will be interested in attracting foreign investment. This is necessary in terms of supporting long-term economic development. The reforms being carried out in the country create wide opportunities for expanding the activities of entrepreneurs in the non-oil sector, which will require both local and foreign investments,” the MP added.

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