Azerbaijan's new draft development strategy envisages four major changes in economy, minister says

  05 January 2022    Read: 220

Azerbaijan’s new draft development strategy envisages four main changes in the country's economy, said Minister of Economy Mikayil Jabbarov said, reports. 

Jabbarov said that 10 working subgroups, created under the leadership of the prime minister, have prepared and presented a new draft strategy for economic growth for 2022-2026 based on national priorities.

“Before talking about the philosophy of strategy, I would like to stress that the main challenge for the future of our country is to minimize dependence on oil by intensifying diversification and constantly increasing its international competitiveness, the pace and sustainability of economic growth and passing to a higher income group,” the minister noted. 

He said that the proposed new development strategy envisages four main changes in the country's economy.

“The first change is to transform the public sector, state-owned companies, public finance, and economic management and ensure its effective support and contribution to the diversification of the economy,” the minister said.

He stressed that the second change envisages the expansion of public-private partnerships in all sectors of the economy and the active involvement of the private sector in the implementation of state projects.

“Thirdly, an important change will be associated with the improvement of the quality of the environment in the economy, namely, business ecosystem, an increase in a number of incentives and pace of the private sector development,” Jabbarov said. “Finally, the fourth priority is to create favorable conditions for sustainable development of human capital, widespread use of the digital economy and innovations.”

The minister said that the main idea is that an appropriate environment, which will gradually replace the leading role of the state in economic development and investments by the private sector, will be created in the economy.

“These approaches are the main spheres of the strategy,” Jabbarov added. “A strategic goal in all spheres of the country's economy, the main reforms and measures that should be implemented to achieve this goal were determined in the process, in which almost all state structures are actively involved.”

The minister underlined that in case of successful implementation of the draft new strategy, the average annual GDP growth rate in the country in 2022-2026 will reach 3.9 percent, including five percent in the non-oil sector.

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