TODAY.AZ / Business

Non-oil export strategy to be developed in country

17 January 2020 [16:46] - TODAY.AZ

By Azernews

By Rasana Gasimova

Azerbaijan’s Economy Ministry will develop a new non-oil exports strategy by July 2020.

This is according to the action plan on the implementation of the instructions drawn up by President Ilham Aliyev at a meeting on the results of 2019.

According to the plan approved by the Cabinet of Ministers, Economy Ministry together with the Agriculture Ministry should also prepare proposals for organizing the production of weaving products by July 2020.

The Ministries of Agriculture and Economy should also prepare proposals on the development of manufactured products, particularly processing of agricultural products by April 2020, and prepare a concept for the development of sericulture by the end of May.

The Economy Ministry of should also submit proposals on expanding measures aimed at attracting private investment until May 2020.

Moreover, the Economy Ministry together with the Ministry of Energy and Azerenergy OJSC should work to attract investment in renewable energy until the end of 2020.

Note that in 2019, Azerbaijan non-oil exports exceeded $1.9 billion. According to government estimates, the volume of non-oil exports should exceed $3 billion by 2024.

Earlier, the government informed that it plans to allocate 20 million manats ($11.8 million) to promote the country's non-oil exports in 2020. Azerbaijan’s non-oil industry is expected to demonstrate an 8.8 percent growth in 2020.

The five major countries that import Azerbaijani non-oil products include Russia, Turkey, Switzerland, Georgia and Italy. A major part of the non-oil products export accounts for Russia.

The steps made for diversification of the economy and the state program “Socio-economic development of regions of Azerbaijan in 2014-2018” made huge contribution to the non-oil sector, because main potential for production of non-oil products is concentrated in the regions of Azerbaijan.

Opening of Azerbaijani trade houses abroad and organizing export missions to foreign countries to promote the Made in Azerbaijan brand in foreign markets have further developed the share of non-oil products in the structure of country’s exports.

In addition, the increasing number of plants operating in the non-oil sector promises very good prospects for Azerbaijan to diversify its economy, reduce oil and gas dependency and increase the inflow of foreign currency into the country.

URL: http://www.today.az/news/business/190160.html

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