By Abdul Kerimkhanov
Azerbaijan’s Economy Minister Mikail Jabbarov has said that the country seeks to increase the share of investments in fixed assets to 25 percent and above.
"In 2019, the share of investments in fixed assets amounted to 23.2 percent of GDP. Our goal is to bring this indicator to at least 25 percent of GDP and keep it above this level," Jabbarov said at a meeting on the 2019 results chaired by President Aliyev.
Jabbarov urged the creation of conditions to attract foreign investment.
"It is necessary to create conditions for entering our market, as well as the markets of third countries. This is important for both local and foreign investors. We are currently preparing draft trade agreements, both on free trade and on a special trade regime," he stated.
He further noted that the Azerbaijani government is considering expanding non-oil exports through the creation of various clusters.
"Presently, the possibilities of creating an agricultural and agrarian cluster, as well as a cluster of large, small and medium-sized businesses around the petrochemical industry, investments in this field and successful results achieved in this field are being considered," he added.
The minister noted that there is also a need to analyze the possibility of creating clusters of tourism, entertainment infrastructure, transport and trade logistics.
"This will diversify the geography of exports and expand the export of services," Jabbarov concluded.
The overall investment climate in Azerbaijan continues to grow. Over the recent years, the country has made efforts to integrate more fully into the global marketplace and attract foreign investment.
Azerbaijan allows foreign investors to engage in investment activities not prohibited by law. Private entities are allowed to establish, acquire and dispose of interests freely in business enterprises.
According to the statement of the U.S. Department of State on the Azerbaijan investment climate, published in May 2015, the country has worked to integrate more fully into the global economic marketplace, attract increased foreign investment, diversify its economy and maintain positive growth. The country proceeds to follow the strategy of attracting foreign direct investment to support economic diversification.
The country aims to attract investors to diverse sectors such as agriculture, transportation, tourism and information/communication technology.
Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94
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