Baku. 18 February. REPORT.AZ/ Azerbaijan and Kazakhstan are looking at new ways to attract foreign investors and boost revenues to weather current low oil prices.
Report informs, Azerbaijani Deputy Minister of Economy Sahil Babayev said addressing the first CIS Global Business Forum in Dubai.
According to S.Babayev, falling oil prices represent a good opportunity for his country to accelerate diversification in its economy and attract foreign investment in non-oil sectors, especially investors coming from the UAE and the GCC region.
'While low oil prices affected Azerbaijan's income, we see this as a good opportunity to attract investments in other sectors. Diversifying the country's non-oil sectors is our top priority in 2016,' Babayev said.
'This is a long process decision and we have certain achievements on this front. Currently, non-oil sectors are contributing 71% to Azerbaijan's overall GDP," he added.
Baku's involvement in China's Silk Road Economic Belt vision (also known as the 'Iron Silk Road' project) promises great potential for investors, as new railway lines envisaged by the project will allow easy access of goods on both directions between Azerbaijan and China. This poses a huge growth opportunity for Azerbaijan, especially in sectors such as agriculture, food processing, machinery and tourism,' Babayev commented.