Minister: Azerbaijani government prepared reforms package for non-oil sector development

Baku. 8 December. REPORT.AZ/ “Construction sector in Azerbaijan suffers from the crisis most”. Report informs, minister of economy Shahin Mustafayev told reporters at today's International Forum on Investments in Azerbaijan.

“Azerbaijan has rich energy deposits. Global economic crisis affected our country as well. Milli Majlis (Azerbaijani Parliament) talks over state budget. Azerbaijani parliament developed reform package. We take serious measures to attract investments to the country. At the same time, Caspian International Investment Company, founded for development of private sector, possesses unused funds. Moreover, we implement joint projects with Islamic Corporation for the Development of the Private Sector”, minister added.

According to S.Mustafayev, Islamic Development Bank (IDB), Islamic Corporation for the Development of the Private Sector (ICD) participate in number of projects in Azerbaijan and render financial support: “Investors are interested in Azerbaijan. We hope that as a result of these arrangements, interest to Azerbaijan will further rise and foreign investors will be keen to invest in Azerbaijan. Investors from European countries - Italy and Germany also attend this event, beside investors form Islamic countries. Number of Entrepreneurs who wish to invest in Azerbaijan rises”.

The minister noted that currently the ministry of economy carries out process of stimulation of non-oil sector: “First of all we administer production and processing of agricultural products, step-by-step establishment and development of pharmaceutical and chemical industries. Financial shortage is a primary problem of local entrepreneurs. That’s why Azerbaijani companies should attract foreign investors as partners for their projects. In this sense, implementation of successful joint projects with foreign investors are of a special importance for our country”.