BAKU, Azerbaijan, June 16. Discussions are underway to develop additional incentive packages for investors in Azerbaijan, Head of Baku General Directorate on Architecture and Urban Planning under the Azerbaijan State Committee for Urban Planning and Architecture, Read Gasimov, said, Trend's correspondent reports from the event.
He made the remark at the event "Azerbaijan Investment Outlook Session" held within the framework of the Annual Meeting of the Islamic Development Bank (IsDB) Group in Baku.
"If we want to create a multiplier effect in the economy, we need to stimulate the construction sector," he explained.
Gasimov said that the economy is the foundation of all business sectors, and the real estate sector is considered one of the main driving forces of the economy. According to him, macroeconomic stability and sustainable growth are the main conditions for the partnership of the state, business, and investors.
"The reforms implemented by the state in Azerbaijan in recent years, investments in infrastructure projects, increasing transparency in the tax and customs sectors, as well as legal guarantees created for foreign investors are of great importance. However, for sustainable economic growth, along with state investments, the active participation of the private sector and investors is necessary," he noted.
Gasimov emphasized that the development of the real estate sector directly depends on financial accessibility.
"The support of the banking sector to the construction sector, the conditions of mortgage loans and project financing mechanisms must be further improved. If we want to create a multiplier effect in the economy, we must stimulate the construction sector. Because in parallel with the development of the construction sector, production, logistics, services and other related sectors are also being revived," he said.
According to him, the expansion of the construction sector also plays an important role in terms of creating new jobs and increasing tax revenues.
Gasimov added that increasing the economic potential in the regions and expanding tourism-commercial projects are also among the priority areas:
"Along with Baku, the development of the regions should also be in the spotlight. Supporting regional real estate projects serves to diversify GDP. Public-private partnership models, on the other hand, allow for the sharing of investment risks and more effective management of projects," the official said.
He noted that strengthening the legal framework of public-private sector partnership mechanisms and preparing additional incentive packages for investors are among the main topics in discussions with the government.
