Gov­ern­ment to con­tinue en­cour­ag­ing en­trepreneur­ship

Azer News - - Nation - By Sara Is­rafil­bay­ova

Big ef­forts have been made over the past two decades to achieve a sus­tain­able eco­nomic de­vel­op­ment in Azer­bai­jan. The achieve­ments of the na­tional econ­omy over the past years are im­pres­sive, as to­day the coun­try con­tin­ues to im­ple­ment large-scale eco­nomic projects and even ex­pands a range of so­cial pro­grammes de­spite the global cri­sis.

The rich oil and gas re­serves of Azer­bai­jan and pur­pose­ful pol­icy have cre­ated op­por­tu­ni­ties for do­ing huge amount of works in the econ­omy.

Azer­bai­jani Pres­i­den­tial Aide on Eco­nomic Re­forms Natig Amirov, in his ar­ti­cle pub­lished on the ‘Azer­bai­jan’ news­pa­per, said that look­ing at so­cio-eco­nomic in­di­ca­tors for 1995-2003 one can see the pos­i­tive re­sults of the eco­nomic re­forms.

“In 1995-2003, coun­try’s GDP in­creased by 90.1 per­cent, state bud­get rev­enues -3.9 times, the cur­rency re­serves - 85 times, in­dus­trial pro­duc­tion - 22.4 per­cent, agri­cul­tural pro­duc­tion - 52.8 per­cent, trade turnover - 4 times, the av­er­age monthly wages of those in­volved in econ­omy in­creased 6.2 times, in­fla­tion was re­duced to 2-3 per­cent. Dur­ing this pe­riod, about $20 bil­lion were in­vested in the na­tional econ­omy,” he clar­i­fied.

Th­ese achieve­ments reached thanks to man­age­ment skills, wise pol­icy and hard work of na­tional leader Hey­dar Aliyev cre­ated a solid foun­da­tion for sus­tain­able and dy­namic de­vel­op­ment in sub­se­quent years, ac­cord­ing to him.

He noted that un­der the lead­er­ship of Hey­dar Aliyev’s wor­thy suc­ces­sor, Pres­i­dent Il­ham Aliyev suc­cesses of the eco­nomic pol­icy fur­ther strength­ened, the coun­try suc­cess­fully com­pleted a pe­riod of eco­nomic tran­si­tion and en­sured the tran­si­tion to a lib­eral mar­ket econ­omy.

“The eco­nomic re­forms have been con­tin­ued un­der the lead­er­ship of Pres­i­dent Il­ham Aliyev in 2003-2014, Azer­bai­jan's econ­omy has be­come one of the most rapidly grow­ing economies in the world. In a short pe­riod of time, Azer­bai­jan turned into a coun­try with an up­per-mid­dle in­come, the so­cio-eco­nomic in­fra­struc­ture was com­pletely re­newed and the county was placed the 37th place in the world in terms of global com­pet­i­tive­ness,” he said.

Amirov men­tioned that over th­ese years, the coun­try's econ­omy grew by 6 times, while per capita in­come in­creased more than 5 times.

He went on to say that in 20042013, Azer­bai­jan car­ried out two five-year state pro­grams ded­i­cated to eco­nomic di­ver­si­fi­ca­tion, de­vel­op­ment of non-oil sec­tor and re­gions of the coun­try, im­prove­ment of so­cial ser­vices and in­fra­struc­ture.

Dur­ing the 10 years since the im­ple­men­ta­tion of the pro­grams, GDP in­creased by 3.2 times, nonoil sec­tor - 2.6 times, in­dus­try 2.7 times, agri­cul­ture - 1.5 times, in­vest­ments - 6.5 times , in­comes of the pop­u­la­tion - in 6,5 times, av­er­age monthly wages - in 5,5 times.

As a re­sult of the taken mea­sures, more than 1.2 mil­lion jobs were cre­ated in the coun­try, 900,000 of which were per­ma­nent, 55,600 en­ter­prises were es­tab­lished. The un­em­ploy­ment rate fell to 5 per­cent, while the poverty level dropped to 5.3 per­cent, he said.

More than $130 bil­lion were in­vested in the econ­omy of Azer­bai­jan and the for­eign trade turnover grew 6.4 times, while non-oil ex­ports in­creased by 4.5 times.

Dur­ing this pe­riod, 19,400 en­trepreneurs re­ceived pref­er­en­tial loans worth more than 1.2 bil­lion man­ats. Th­ese loans helped to cre­ate 113,000 new jobs, he said, fur­ther elab­o­rat­ing that the state con­tin­ues to sup­port en­trepreneurs and cre­ates nec­es­sary con­di­tions for the de­vel­op­ment of a healthy busi­ness cli­mate in the coun­try.

He men­tioned that in this re­gard, it is planned to cre­ate the Agency of Small and Medium En­ter­prises and the Guar­an­tee Credit Fund in 2017-2018. Sim­i­lar agen­cies al­ready op­er­ate in Europe, the UK, the USA, China, Sin­ga­pore and other coun­tries, stim­u­lat­ing the de­vel­op­ment of small and medi­um­sized busi­nesses, ac­cord­ing to him.

Over the past 10 years, Azer­bai­jan’s econ­omy has grown by 300 per­cent. Poverty and un­em­ploy­ment have been sharply di­min­ished, with mea­sures of both now stand­ing at 5 per­cent

In­deed, the World Eco­nomic Fo­rum has again ranked Azer­bai­jan at 40th in the world for com­pet­i­tive­ness, and first in the CIS (Com­mon­wealth of In­de­pen­dent States) re­gion.

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