“Despite the world economic crisis and low prices for energy carriers, legislative changes are made in Azerbaijan in order to improve the business climate. Owing to the policy of President of Azerbaijan Ilham Aliyev, business got a serious support which led to the increase of the non-oil sector by 2.5%”, Chairman of the Milli Majlis Committee for Economic Policy, Industry and Entrepreneurship, Academician Ziyad Samadzade stated on Wednesday at the 4th International Caspian Energy Forum.
He noted a high potential of ICT sector. Its share in GDP of the country can be increased to 5%.
“Despite the fact that Azerbaijan is an oil country, President Ilham Aliyev has set the task to raise the share of renewable. Such task set in Europe implies bringing renewables’ share up to 20-30% of total production volume. I believe Azerbaijan will reach such indicators as well. There is both a solar and wind potential for that, including biomass in villages of the country”, he continued.
According to him, it is necessary to invest in human capital. The banking sector must be strengthened. Credit rates have to be lowered.
He also touched the infrastructure projects, noting that Azerbaijan has built a new port to develop transit routes. Logistics center in Aktau has been commissioned. Baku-Tbilisi-Kars railway is under construction. Agreements on single tariffs have been signed within the framework of this corridor.
“There are all conditions to successfully develop relations with China and West, as well as build a logistics transit infrastructure”, he said noting the importance of the Great Silk Road project for Azerbaijan.
Person in charge of the newsline: Jeyhun Bayramov