TODAY.AZ / Business

Azerbaijan to develop proposals for expanding foreign investment in non-oil sector

04 August 2014 [17:15] - TODAY.AZ
By AzerNews

The Azerbaijani government will develop a package of proposals on incentive mechanisms to further expand the volume of foreign investment in the non-oil sector of the country.

This was noted in the collective agreement for 2014-2015 signed between the Cabinet of Ministers, the Confederation of Trade Unions and the National Confederation of Entrepreneurs (Employers) of Azerbaijan.

The agreement envisages strengthening of current incentive measures for export of products made by local manufacturers to international and domestic markets, as well as protecting their interests.

The government will pave the way for increasing local production, labor productivity and quality and competitiveness of locally produced goods.

The agreement also notes that an action plan will be developed to improve the fertility of the lands. Meanwhile, control over its execution would be increased.

Also, efforts should be stepped up to include Azerbaijan into the World Trade Organization. The government will continue providing financial support to small and medium business in order to increase production and to create new working places in a market economy. Other institutional arrangements will be improved within the state-entrepreneur relations for efficient handling of this support.

The agreement also says it is necessary to step up efforts to support the entrepreneurship activity of women and youth. Meanwhile, the prices (tariffs) set on the products and services of natural monopolies, should be reconsidered in the framework of tripartite consultations.

"It is necessary to conduct joint monitoring to prevent unjustified price increases in the consumer market, which is effected by the restriction of competition and monopoly, and the division of markets and elimination of cases of establishment of harmonized prices. The results of monitoring should be brought to the public attention," the document notes.

Political and macroeconomic stability, security of investors' rights, favorable geographical location, rich natural resources and highly skilled workforce have turned Azerbaijan into one of the most attractive countries for foreign investors.

One of the main priorities of Azerbaijan's government is to promote its non-oil sector. The country has already achieved most of its goals in this field.

Azerbaijan successfully attracted $83.8 billion worth foreign investment from 1995 to 2013, some $35 billion out of which accounted for non-oil sector. Also, $10.5 billion foreign investment was invested in Azerbaijan's economy last year and it is important to direct over half of this amount to non-oil sector.

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