Azerbaijan's non-oil exports per capita will up to 3-fold

Baku. 10 December. REPORT.AZ/ Azerbaijan's non-oil exports per capita amounted to 170 USD. Report informs, Strategic Road Map for prospects of the national economy of the Republic of Azerbaijan declares.

According to the document, the figure is expected to increase up to 3-fold by 2025 and reach 450 USD.

In 2015, Azerbaijan's import demand per person was 1,000 USD. To balance the import Azerbaijan exported products in the amount of 1,500 USD per capita, of which 90% was oil and gas products.

Balancing import of goods and services with export is extremely important for economic independence and stability, but in order to reduce dependence on oil prices export of non-oil products needed", Strategic Road Map reads.

Moreover, the document says that the 2,627% share of foreign direct investment in Gross domestic output (GDP) in in non-oil sector is planned to increase up to 4% by the end of 2025: Role of foreign investors is very important in the diversification of the economy. So the contribution of foreign investors not only in foreign investment at the same time, they bring new skills, technologies and networking opportunities in order to gain access to new sectors and value chains.

Diversification of the economy requires attraction of more investment to the non-oil sector."

Strategic Road Map envisages the creation of up to 150,000 additional jobs in tradable goods and services sector, such as manufacturing and tourism sectors by 2025: "Creating jobs for citizens is among state priorities. However, economic influence of some sectors is wider than in others. In order to diversify the export it is necessary to create jobs in the production sectors. Participantsof tradable goods and services sector face international competition, and it usually leads to a rapid increase in productivity", the document says.

Government of Azerbaijan plans to cut the share of the state budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) by about 3 times: "Today, every second manat spent in the public sector (approximately 50%) are financed by transfers from the State Oil Fund. This figure expected to reduce by 15% in 2025. The amount of the Fund's can be transferred by SOFAZ closely linked with oil prices. This dependence is one of the main causes of serious impact on the economy and fluctuations in oil prices. To increase the share of private investment in the economy it is very important to have a steady growth rate and requires state budget to be less dependent on fund transfers."