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Assistant to president: Establishing of Azerbaijan Investment Holding - big step

8 August 2020 15:21 (UTC+04:00)
Assistant to president: Establishing of Azerbaijan Investment Holding - big step

By Trend

The purpose of establishing the Azerbaijan Investment Holding by the decree of President Ilham Aliyev is to manage state-owned companies that make up a significant part of the economy of Azerbaijan, Assistant to the President of Azerbaijan, Head of the Department of Economic Issues and Innovative Development Policy of the Presidential Administration of Azerbaijan Shahmar Movsumov said.

Movsumov made the remark in Baku during the briefing of the Operational Headquarters under the Azerbaijani Cabinet of Ministers held on August 8, Trend reports.

According to him, the creation of the holding aims is to create a transparent management system at state enterprises in accordance with modern conditions.

"This means the acceleration of the liberalization process in Azerbaijan in many areas. The creation of the holding, raising governance efficiency, effective management of the non-oil sector will give impetus to the development of these areas,” he noted. “The share of state-owned enterprises in the non-oil sector is high and it is important to manage them more efficiently and effectively. The setting up of the holding is a big step, and we hope to see its results soon.”

He stressed that recently, large-scale work has been done and is still ongoing to eliminate the consequences of the COVID-19 pandemic.

"In accordance with the president’s instructions, the work is being carried out in planned manner. Currently, work is underway to identify the areas of activity that have suffered damage. Since the pandemic continues, it affects other areas, and we must take this into account," Movsumov added.

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