Date:19/10/11

Minister: Azerbaijani economy’s non-oil sector ups by 2.8 times over 10 years

In a press article to tie in with the country's 20th anniversary celebrations, Azerbaijani Economic Development Minister Shahin Mustafayev's said that over the past 10 years the country's non-oil sector grew by 2.8 times.

By developing the non-oil sector and diversifying the country's economy which includes the improvement of the material and technological enterprise base operating over the past five years, the share of non-oil sector in GDP increased from 40.7 per cent to 44.4 per cent, whilst the oil sector decreased from 53.8 per cent to 48.5 per cent.

Since the National Fund for Entrepreneurship Support (NFES) started its activity, it financed 12,000 projects worth 700 million manat (official exchange rate 0.7869 manat to $1), offering preferential terms, which was specifically aimed at developing the non-oil sector.

Overall favorable business conditions and investment contributed to attracting investments worth about $100 billion to the country's economy.

The share of domestic investments has begun to increase in recent years in total volume of investments in basic capital, the article says.

Thus, if in 2000 the share of domestic investments hit 47.5 per cent, then, over the past 10 years this figure increased by 16.3 times reaching 75.7 per cent.

At the same time, foreign investment during the reporting period increased 4.7 times, and as a result of the dynamic development of the private sector its share in GDP has exceeded 80 per cent.

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