Baku, July 22, AZERTAC

A scientific seminar has been held at Azerbaijan State University of Economics (UNEC). The workshop is dedicated to the totals of socio-economic development of the first half of 2016 and upcoming objectives by the Cabinet of Ministers chaired by President of the Republic of Azerbaijan Ilham Aliyev.

Drawing special attention to the statements expressed by the President Ilham Aliyev, his instructions and recommendations within the session dedicated to the results of 2016 and upcoming objectives of the Cabinet of Ministers, Yadulla Hasanli spoke about the gained achievements within the specified time and the forthcoming tasks. He said despite the ongoing economic crisis a sharp decline in oil prices in the world, including European countries Azerbaijan economy remained the growth rate of the economy under the supervision of the President. The statistic indicators of the past 6 months also allow us to say it.

Talking about the current state of the country’s economy in January-June of 2016 and its trends a Deputy Dean of Scientific- Research Institute, Professor Rovshan Guliyev, Director of Technology Transfer Center Aydin Huseynov, senior research fellows Elman Ibishov and Salman Najaf sounded their proposals. It was noted that global financial crisis occurred the fall in oil prices on world markets. As a result, the flow of foreign exchange into the country dropped. The development of non- oil sector, especially manufacturing and service sector are the important conditions to solve the problem. UNEC’s economists especially stressed the selection of tourism sector, cotton growing, tobacco and silkworm breeding in agriculture. It was noted in the future to pay more attention to these areas will ensure the flow of currency into the country. The existence of all kind of potential for this was also highlighted. The economists made proposals on the establishment of modern standards in the business environment, increasing attention to the development of processing industry, replacing subsidiaries provided for the final product with the subsidiary applied for production, searching for other financial sources in the period of time when oil revenues and investments decrease, reduction of interest rates and other proposals emphasizing the importance of the development of non-oil sectors, especially the agrarian. The necessity of speeding up the development of non-oil sector by improving the quality of education and science in the future was stressed during the event. The event continued with a discussion of the proposals.

The decision on taking into account the proposals pointed in scientific investigations made by UNEC’s Scientific Research Institute of Economic Studies.