Azerbaijan determines priorities of economic development

The roadmap of the national economy has been approved in Azerbaijan. It focuses on eight sectors: four production sectors (the oil and gas sector, including chemistry, agriculture, consumer goods, as well as heavy industry and mechanical engineering), two of the services sectors (specialized tourism and logistics to trade) and two social sectors (affordable housing and training as a single complex).

The other sectors (financial services, telecommunications and utilities) will be supported as a priority of development. At the same time, they should function on the basis of healthy development and to be prepared for privatization.

The roadmap has been recently adopted by Azerbaijani President Ilham Aliyev. It is planned that it will be implemented in several stages: the first is the 360-degree-diagnosis and SWOT-analysis, the second is the vision of the national economy and sectoral roadmaps, the third is the master plan and its implementation. The master plan provides for reconstruction of the administrative structure, such as formation of mobilization, syndicated and communication platforms and so on.

The goals of export competitiveness, extension of foreign direct investments (FDI), import substitution and increasing sectoral efficiency in the internal market, ensuring the sustainability of economic growth, increased investment in social justice and inclusion will be taken into account during the development of strategic and sectoral documents, abc.az reports.

In addition, a working group was established according to the order of the head of state on the development plans in accordance with the road map. The group was headed by Natig Amirov, Assistant to the President of Azerbaijan on economic reforms. The delegation consists of Deputy Finance and Economy Ministers Ilgar Fatizadeh and Sevinj Hasanov, Deputy Chairman of the Central Bank Alim Guliyev, director of the Research Institute of Economic Reforms of the Ministry of Economic Affairs Vilayat Valiyev, the rector of Azerbaijan State Economic University (UNEC) Adalat Muradov and Vice-Rector of the University of ADA Emin Huseynov.

Within six months, the group will have to prepare draft economic development strategies and action plans for 2016-2020, a long-term vision for the period up to 2025 and a target vision for the period after 2025.

Earlier, financial expert Farhad Amirbayov said in an interview with a correspondent of Vestnik Kavkaza that a strong state is the key to the development of a non-raw materials economy model, adding that countries with a rich raw materials base, which are now mainly engaged in the export of natural resources, have all the necessary conditions for active growth of the real economy.

"For example, there is not only oil and gas, but also a large list of other natural resources in Azerbaijan – both renewable and non-renewable. Therefore, further development of the industry has good prospects in the republic. If a number of countries specialize in the processing of imported raw materials we have the ability to implement mass-production from our own raw materials. Of course, it is necessary to restructure the monetary system and conduct other foreign exchange policies,'' the expert said.