Minister: Growth in Azerbaijan's non-oil exports to be 10%

  29 December 2018    Read: 1184
  Minister: Growth in Azerbaijan

Growth in Azerbaijan's non-oil exports is expected to be 10 percent in 2018, Economy Minister Shahin Mustafayev said at an event on the development of industry and entrepreneurship in Azerbaijan, reports.

The minister noted that last year the growth was 30 percent. Speaking about the development of Azerbaijan's economy in recent years, Mustafayev added that over the past 15 years, the country's economy has grown over three times, the non-oil sector - by 2.8 times, industrial production - by 2.6 times and the non-oil industry - by 2.2 times.

"The volume of investments directed to fixed assets increased threefold and the state budget revenues went up 13.5 times. The country's strategic currency reserves, having increased by about 28 times, exceeded $45 billion," the minister said.

He further added that the share of the private sector in the country's GDP reached 84 percent.

As for industrial parks, according to the minister, their number has reached 70.

"The residents have invested about 5 billion manats. Along with this, as a result of using investment promotion mechanisms, 330 projects have been implemented or are being implemented in the country. Moreover, 2.8 billion manats were invested, as a result of which up to 22,000 new jobs were created," Mustafayev added.

The minister stressed that the reforms carried out in recent years have shown serious results.

"I would especially like to mention the measures taken in the field of entrepreneurship. Thanks to these reforms, Azerbaijan in the latest Doing Business report, rising by 32 steps, ranked 25th among 190 countries," he added.

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