Elman Rustamov: New economic strategy forms in Azerbaijan

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Baku, January 26, AZERTAC

“As a result of determined steps taken by the head of state a new economic strategy forms in Azerbaijan,” said Elman Rustamov, chairman of the country`s Central Bank.

“Global oil prices have fallen four times in just more than a year. Given that oil accounts for the largest part of Azerbaijan’s exports the current situation necessitates some corrections. The main aim is to take adequate steps to tackle the situation and find a way out.”

He said the main task set by the head of state is to reduce the country`s dependence on the energy sector, improve the non-oil sector and diversify economy.

Rustamov noted that today Azerbaijan’s overall import is 9 billion manats, while non-oil sector export equals to 1-1.5 billion manats. “There is a big gap as evidenced by the figures. Today more than 80,000 people are employed in Azerbaijan’s oil sector. However, the country’s eligible workforce is 4.8 million people. This means that one of the main tasks ahead is to diversify the country’s economy, increase its non-oil sector and industrial potential,” Rustamov added.

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