Azerbaijan's Economy Ministry prepares document on strengthening export-oriented economy

Azerbaijan's Economy Ministry has prepared a new document outlining modern approaches to ensuring sustainable socioeconomic development and strengthening an export-oriented economy, Minister of Economy Mikayil Jabbarov said at a forum in Baku dedicated to the tax system, Report informs.

According to the minister, the document provides for increased accountability of sectoral government agencies for development indicators in their areas of activity. It also calls for analytical assessments of the impact of monetary and fiscal decisions on socioeconomic development, as well as the potential negative consequences of such decisions.

Jabbarov noted that the document includes measures to develop an export-oriented economy, specifically expanding business access to credit and introducing other innovative mechanisms.

According to him, a preliminary discussion of the document took place last week at a meeting of the Economic Council of Azerbaijan. The minister emphasized that in order to increase non-oil and gas exports to new markets and strengthen positions in existing ones, it is necessary to expand the scope of preferential trade regimes. In this context, it is planned to more actively utilize the opportunities offered by the Alat Free Economic Zone.

Jabbarov also added that in the coming years, one of the priorities will be the wider use of the potential of industrial parks and the country's existing infrastructure.