A strong state is the key to the development of a non-raw material economy model, the president of the Baku Interbank Currency Exchange, Farkhad Amirbekov, said in an interview with Vestnik Kavkaza. At the same time, he stressed that countries with a rich source of raw materials, which are mainly engaged in the export of natural resources, have all the necessary conditions for the rapid growth of the real economy.
"For example, Azerbaijan has not only oil and gas, but also a large list of other natural resources, both renewable and non-renewable. Therefore, further development of the industry in the country has good prospects: we are able to produce products using our own raw materials. Of course, it is necessary to restructure the monetary system and to conduct a different monetary policy. Now it is adaptive, when the exchange rate depends on the main resource position – oil – and we will be able to get rid of this dependence only by modifying the economy," the expert explained.
The basis for this modification is a strong state. "Therefore, the strengthening of state institutions, especially the legal system is the current task of any nationally oriented elite, there is no doubt about it. No one can protect you better than your own country," Farkhad Amirbekov said.
"The primary is a strong legal system, strong state institutions, gradual democratization, which depends directly on the welfare of the citizens and business development," the president of the Baku Interbank Currency Exchange added.
"When people are really sure that the economic, social and legal model for any particular state is optimal and works, that invested money is protected by law, and the financial system is stable, then the measure would bear fruit. It's impossible to hold an amnesty of capital in a short period, so it is not the first nor the second act of the reforms," he stated.
According to him, the processing and export of local raw materials are the most attractive spheres for investment in Azerbaijan, which has committed to the development of the real sector of the economy. "As for the global projects, the first thing we see here is the road and rail logistics, as well as storage services. As for the transit, of course, insurance services, appropriate service and support are necessary. In agriculture sector, I would, for example, focus on food and technical production," Farkhad Amirbekov said.
At the same time, it is essential to create equal favorable conditions for doing business in all sectors. "We need to create favorable conditions for economic development, in order to enable people to realize their potential. The dilemma is that whether we want to have a rich state and not very rich people or a rich state and reach people at the same time," the president of the Baku Interbank Currency Exchange concluded.
