Second panel meeting of ACRE’s Baku Summit highlights economic liberties

Baku, June 9, AZERTAC

The second panel meeting of the Baku Summit of the Alliance of Conservatives and Reformists in Europe (ACRE) held under the motto “Building a Shared Future” mainly focused on economic liberties.

In his remarks, Azerbaijani Deputy Minister of Economy Sahib Mammadov highlighted the economic achievements of the country.

He noted that Azerbaijan is successfully integrating into the world economy. “We are signing multilateral trade agreements and at the same time, improving the legal framework in this regard. We are also cooperating with the International Finance Corporation (IFC) and the World Bank. Diversification of the economy is of great importance to the oil and gas producing countries as much as to Azerbaijan. It is vital to develop specific strategies in this direction,” the deputy minister added.

Fred McMahon, representative of the Canadian Fraser Research Institute, emphasized the significance of an open competition and protection of property rights to the economic freedom for citizens. He hailed what has been done in Azerbaijan to improve people's social welfare.

Shanker Singham, Director of International Trade and Competition Unit of the UK Institute of Economic Affairs, stressed the importance of creating a healthy competitive environment in the economic sphere, which can also contribute to the development of entrepreneurship.

Azzan Al Busaidi, representative of Oman’s Public Authority for Investment Promotion & Export Development, said that investment is a major prerequisite for the improvement of business environment in any country. He emphasized that the key point is the partnership between the public and the private sector.