Azerbaijan, Baku, Oct. 6 / Trend , N.Ismayilova /
Azerbaijan aims to develop non-oil sector through the production of import-substituting products in the domestic market, Head of Economy and Finance- Credit Policy Department at the Azerbaijani Cabinet of Ministers Shahin Sadikhov said at the Conference of International Manufacturers and Entrepreneurs Congress in Baku on Thursday.
"Pessimistic expectations observed in the global economy, but expectations for Azerbaijan's economy are positive. Economic development will be ensured by the non-oil sector, mainly due to the production of import-substituting products in the domestic market and exports to foreign markets," Sadikhov said.
Today non-oil sector is successfully developing in the country and this contributes to economic diversification. Over the past 10 years the total amount of investment in the economy exceeded $90 billion, while the share of domestic investment sharply exceeded the share of foreign investment in 2006, he said.
"The average annual growth of non-oil exports hit 22 percent over the past ten years, which ultimately leads to an increase in the country's non-oil sector ," Sadikhov said.
The share of the state investment in infrastructure grew by 160 times over the past 10 years, Sadikhov said.
He said the number of legal acts regulating entrepreneurial activity is more than 150 in Azerbaijan, and it adopted ten codes in the economic sphere.