Azerbaijan, Baku, May 18 / Trend A.Akhundov /
The draft long-term economic development strategy of Azerbaijan for 2011-2025 developed by the Economic Development Ministry aims to reduce the share of trade sector in the country's GDP from 61 percent in 2009 to 40 percent in 2025.
At the same time, the country will increase non-oil exports from $1.1 billion in 2009 to $53.6 billion in 2025, with an average annual growth of 27.3 percent. It is expected to bring the volume of exports in the non-oil sector, falling per capita, from $0,130 to $5,000 at an average annual growth of 25.6 percent.
The coverage ratio of imports by exports in the non-oil sector will be brought from 17.3 percent in 2009 to more than 100 percent in 2025.
The country also expects to increase the volume of investments in non-oil sector from $ 7.1 billion in 2009 to $25.6 billion in 2025 with an average annual growth of 8.4 percent, investments in non-oil trade sector - from $0.7 billion to $15.1 billion with an average annual growth of 20.8 percent, share of the trade sector in the investment in the non-oil sector - from 10.3 to 58.9 percent with an average annual growth of 11.5 percent and to reduce the share of investments in the non-oil sector in the country's GDP from 36.3 percent in 2009 to 31.1 percent in 2025.
In addition, the project aims to broaden the base of production and exports in the non-oil sector with a focus on exports, ensure continuous growth of GDP and maintain a surplus on net international investment position.
To achieve these goals, the strategy proposes to focus the economy on the export and re-export facilitation, ensure efficient use of free trade agreements and generalized system of preferences for membership in the WTO in the future, regulate trade relations with other countries in MFN in the WTO, ensure even better integration in the multilateral trading system and establish special economic zones (in the border areas, ports and airports).
Regarding the investment area, it is expected to increase investments directed to fixed capital in the non-oil trade sectors, attract local and foreign investment in the sub-sector of the non-oil sector trade with export potential, direct investment in non-oil trade sector through concessional lending, form an infrastructure in the country's each economic region , industrial town and focus on export.
