Azernews.Az

Azerbaijan will double its GDP in the next 10 years, Economic Development Minister Shahin Mustafayev said in an interview to the newspaper Azerbaijan, published on Friday.

"Today the most important task set before us by the President of Azerbaijan Ilham Aliyev is to ensure GDP growth is at twice the current level of the non-oil sector over the next 10 years. The share of the non-oil sector in the GDP is forecast to reach 80 per cent," Mustafaev said

He said it will be achieved by introducing such measures as the comprehensive promotion of innovative development, creation of industrial areas, increase in the production of exports, competitive production established on the basis of modern technology and the use of intensive methods.

Modernisation of the economy will create conditions for economic growth, as well as be an adequate response to current and expected economic and social challenges in the future," Mustafayev said.

He added that production of new industrial products by the application of modern technology has increased fivefold in 2010, compared to 2007.

Azerbaijan's GDP grew by three times, the total volume of industrial production by 2.8 times, state budget revenues by 9.3 times and investments in fixed capital by 2.9 times over the past seven years, Mustafayev concluded.