Azeri leader says Baku set to diversify oil-dependent economy

The Azerbaijani president has said that Baku's number one task is to reduce its economy's dependence on oil.


Speaking at a meeting with representatives of the US Chamber of Commerce in Baku on 12 April, President Ilham Aliyev said efforts would continue to diversify the country's economy and asked the Chamber representatives to come up with their recommendations.


"The number one task for us is to reduce dependence on oil and gas. However, oil and gas will continue playing an important role in our economy, region and energy security... Investments made in the oil and gas industry are investments made in the future of our country and of other countries. But this is not a priority for our economy any more. I recommended the Cabinet of Ministers to forget about oil," Aliyev said.


He went on to say that the country needs a "more rapid growth in the economy's non-oil sector" which means that "diversification is number one issue".


Among other priorities he mentioned reduction of dependence on imports, increase of exports and improvement of climate for local and foreign businesses in non-oil industries.


"There should be predictable climate for investments. Only this will help us attract investments in the current situation. We need this. As you know, this requires relevant conditions. It is important to have laws, ensure supremacy of law, protect investments, remove bureaucratic obstacles and any illegal interference in operations of local and foreign companies," Aliyev said.


He added that efforts would continue to fight corruption. Aliyev said that Azerbaijan would increase the number of offices of ASAN Service, the country's one stop shop. "ASAN means transparency, culture, services, zero corruption and zero bureaucracy. These are what we want to achieve in this country to ensure that people have comfortable life," Aliyev said.


He said that creation of new jobs should be linked to education reforms as experts would be required in industries where greater economic activities are planned. "We have not had such connections so far and disbalance has developed. For some industries we have more professionals than is needed and there is a shortage of professionals for industries the country needs," Aliyev said.

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