Zakhid Mamedov: “Azerbaijan needs specialists in market of capitals, Islamic banking and personnel management”

The doctor of economic science of Russia, Turkey and Azerbaijan, professor, head of the macroeconomic research center ForexClub (Azerbaijan), Zakhid Mamedov, spoke to VK about the results of the year in the economic sphere of Azerbaijan.

- What sectors of Azeri economy lack qualified specialists the most?

- We need specialists in market of capitals, Islam banking and personnel management. Azerbaijan is a young country – 66% of its population are young people. More than 2,000 Azeri students study in prestigious institutes and universities of 20 foreign countries thanks to the state program for education abroad. In 2015 we plan to send some 5,000 students to get education abroad. I hope that when these young people return they will breathe new energy into the process of modernization in our country.

The adoption of the state program “Azerbaijani youth: 2011 – 2015” was a serious step towards integration of our young generation into active political and social life of the country. The program is called to form a new personnel reserve for state service and private business, to make young people from agricultural districts more socially mobile.

- Agriculture in Azerbaijan isn’t at its best now. What measures are to be taken to revive this sector of economy?

- We need to protect our producers, to decrease our dependence on import and to promote and diversify export. It is vital that Azerbaijan develops non-oil-related sectors of economy. Last year some 160 enterprises of this sector were launched, and 112 of them were financed by preferential credits of the National Foundation for Enterprises support. The Fund also sponsored the creation of a special infrastructure for preservation and storage of agricultural products.

Azerbaijani government also introduced a number of tax benefits and subsidies for farmers. But our economy still needs to speed up the process of the revitalization of this sector. I believe we need to create a specialized bank – Agrarian Bank of Azerbaijan.

- Will there be a two-digit inflation next year?

- In ten months (as compared to January-October, 2010) the inflation reached 8.3%, food items price growth is 11.1%, while prices for other goods increased only by 2.7%. In November, inflation was 1.1%. As of December, 1, some of the public services prices had to be increased. If no extraordinary circumstances intervene, inflation shouldn’t grow higher than 8-9% the next year.

To be continued

Interview by Ramin Naziev, Baku, exclusively to VK