Baku, September 27, AZERTAC
The American Chamber of Commerce in Azerbaijan (AmCham Azerbaijan) has organized its first luncheon since the business season has started. The Guest Speaker, Assistant to the First Vice-President of Azerbaijan Emin Huseynov delivered a speech on the recent economic development and diversification paradox.
Emin Huseynov started his speech by pointing to the difficult times Azerbaijan had gone through since independence and its fastest revival from the deepest Post-Soviet recession among CIS countries. He emphasized the significance of post-oil reforms carried out since 2015. Moreover, he mentioned that the years of efforts to stabilize economy turned into positive growth starting from 2018 and according to the International Monetary Fund, static development is predicted in the non-oil sector for the medium-term.
He noted that approximately 3 million people benefited from social reforms package carried out according to decrees signed by the President of the Republic of Azerbaijan. In this respect, Emin Huseynov touched upon the adoption of other related Azerbaijani laws and regulations in this field.
While talking about economic diversification, Huseynov pointed out the lack of natural resources and institutions in Azerbaijan to maintain sustainable economic development and suggested to establish institutions to undertake diversification as well as human capital development effectively.
Concluding his speech, Emin Huseynov encouraged all business representatives to collaborate actively with Azerbaijani government by emphasizing the importance of support on governmental reforms by both local and international companies.
Emin Huseynov answered the questions raised by members and expressed his gratitude for the opportunity to have a face-to-face dialogue with the business community. The Luncheon featured several member presentations (SOCAR Midstream Operations; Kapital Bank; Vitam). Around 170 AmCham members and partners, including representatives of diplomatic corps attended the event.
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