Azernews.Az

By Trend

There has been quite a high level of volatility In the global economy in recent years, with turbulence being observed directly in the financial market as well, and the global financial crisis of 2008-2009 became clear manifestation of this, deputy director of the Russian School of Economics, Professor Elshad Mammadov said.

He made the remarks at the round table meeting on the topic “Security Problems of the South Caucasus and the Caspian region countries” held in the press center of Trend News Agency.

He said that global economy is switching to the stage of the formation of a new, already the sixth technological order, the geography of centers of activity, and the structural component of economic development are changing.

“This sets new challenges for the national economies of Azerbaijan and Russia, which have many similarities,” he noted. “To some extent, this is related to our Soviet past and, at the same time, to a large extent to the key areas of our economies of those times, namely, the energy, oil and gas spheres. This puts before our governments a choice in terms of options for diversifying our economies, because the new technological order comprises first of all restrictions related to the use of energy, the transition to new alternative energy options, diversification towards high-tech areas.”

He added that positive dynamics in trade is one of the key points in the sphere of cooperation between Russia and Azerbaijan.

“There is a definite tendency towards stabilization,” he said. “At the same time, the figure of $2.5 billion is very far from the potential that our countries have. I believe that by 2025 we will be able to talk about trade turnover of at least $10 billion, but for this it is necessary to increase investments, the level of technological cooperation between our economic entities, and this is one of the key tasks of the economic blocs of Russia and Azerbaijan.”

“From the point of view of our non-oil sector, and given that Azerbaijan is implementing a policy of diversifying the economy, Russia is a priority direction,” he said. “It is very important to implement investment programs in the near future, to switch to mutual settlements in our national currencies, which, given the scientific and economic analysis, is quite a realistic prospect. For this, it is necessary to carry out a set of measures so that this transition is directed towards the improvement of our foreign trade and so that business entities don’t suffer from this. First of all, it is necessary to ensure the stability of our national currencies, and here I would like to note that over the past three years, the Azerbaijani manat has maintained its position at a stable level, which, unfortunately, cannot be said about the Russian ruble.”