Azerbaijan is interested in the experience of Asian countries in order to find potential mechanisms and models of economic growth, to adapt its model of economic development to the most advanced of them, Finance Minister Samir Sharifov said at the seminar 'Rethinking capacity and growth models', held in Baku within the framework of 48 meetings of the Board of Governors of the Asian Development Bank (ADB).
"During the last decades, Asian countries' economies are growing at a remarkable pace. The average annual growth is 6%. At the same time, different countries are using different models of growth. For example, in countries such as Azerbaijan, that is, countries that are rich with natural resources, these resources are the driving force of economic development," Trend quoted him as saying.
The internal and external environment changes, so Asian countries, including Azerbaijan, should review their growth models and try to adapt them to new conditions or to find new ways of economic growth, the minister said.
The Azerbaijani government plans to change the model of economic growth in a decade.
"It is clear that this growth will be inclusive and will focus on the development of the social sector, which has always been a priority for Azerbaijan," the minister said.
According to him, growth in the economy will be based on the diversification of the economy and reducing dependence on the oil and gas sector. "This does not mean that we will close all oil and gas projects. We will continue the development of this sector, develop important projects in this field," he said.
