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World Bank advices to change IT rates

26 May 2016 11:11 (UTC+04:00)
World Bank advices to change IT rates

By Rashid Shirinov

The World Bank (WB) experts have investigated the Information and Communication Technologies (IT) sector of Azerbaijan, Baku office of the bank announced on May 24.

The World Bank and the government of Azerbaijan have presented the results of the study named “The Information Technology sector in Azerbaijan and IT-skills: challenges and opportunities,” Trend reported.

“The strengths and weaknesses of the IT sector in Azerbaijan and the difference between the IT skills offered by the education system and the requirements of employers in IT sphere were evaluated during the research,” they noted. The study was based on discussions with the government, interviews with interested parties from the public and private sector and surveys among the main subjects of IT industry and technological universities.

“Azerbaijan has the potential of strengthening and diversifying its economy through the development of the IT sector,” Larisa Leshchenko, head of the WB Baku office, said.

She noted that the IT sector has the potential of strong economic growth and can provide young professionals with workplaces.

Carlo Maria Rossotto, head of the research group and a leading expert in the IT sphere, noted that Azerbaijan has created favorable conditions for the development of the sector.

“Continuing support of high-speed Internet development, qualified human resources and innovation ecosystems can transform Azerbaijan into a center of Information Technology of the region," he noted.

The study detected that the share of jobs in the IT sector and its contribution to the Gross Domestic Product (GDP) of Azerbaijan still remains low.

In this regard, along with the development of local IT skills, IT market, service sector and production of local products should be developed. The research noted that it would help the Azerbaijani IT sector to lead the competition at the regional and global markets.

The WB recommended Azerbaijan to improve the rates on products and services of IT sector, increase the effectiveness of regulatory reforms to support private investment in the IT sector and strengthen private sector leadership in the IT industry.

Azerbaijan has been a WB member since 1992. As of February 1, 2016, the Bank issued loans amounting to $3.785 billion to Azerbaijan. The funds were used to finance over 60 projects. By early 2016, Azerbaijan has used $2.764 billion or 73 percent of all loans drawn via WB. Besides the loans, WB delivered 45 grants totaling $41.586 million to Azerbaijan in 1995-2014.

@RashidShirinov

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