Presidential aide: New incentives to be introduced to develop non-oil sector

New preferential instruments will be introduced to promote the development of Azerbaijan's non-oil sector, Shahmar Movsumov, Presidential Aide and Head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, told journalists on the sidelines of the II Azerbaijan International Investment Forum in Baku.

According to Report, he said that despite a reduction in transfers from the State Oil Fund, investment will not decline.

"Budget growth is continuing, and the budget is not being reduced. At the same time, transfers from the Oil Fund under the budget are decreasing somewhat. This is an indicator of Azerbaijan"s transition toward the longer-term and more sustainable use of oil resources. However, the programs will continue, and investment will not decline," he noted.

Movsumov added that the government has created numerous preferential instruments in recent years, all aimed at developing the non-oil sector.

"Most of these instruments are financed from the state budget and are aimed not at specific projects, but at providing incentives for the development of the sector as a whole. In other words, this is where the main innovation lies," he said.