Azerbaijan Industrial Corp to turn into new stage in development of processing sector
Azerbaijan Industrial Corporation OJSC will become a new stage in the development of the processing sector, said Ziyad Samadzade, the chairman of the parliamentary committee on economic policy, industry and entrepreneurship.
Addressing a joint meeting of five parliamentary committees within the framework of the discussion of the 2018-state budget of Azerbaijan, Samadzade stressed that the creation of the Azerbaijan Industrial Corporation is a very timely step for diversifying the country's economy.
He added that the AIC will help ensure the dynamic development of industry in the country.
The MP stressed that the year 2017 was very significant for the economy of Azerbaijan, mainly due to the signing of a new contract of the century and the launch of the Baku-Tbilisi-Kars railway, and other significant events.
"Azerbaijan is very successfully and effectively participating in global transnational projects. Our country is dynamically developing and effectively using its resources," he added.
Azerbaijani President Ilham Aliyev signed a decree on the establishment of the Azerbaijan Industrial Corporation OJSC Nov. 6. President Aliyev also decreed to appoint Natig Amirov as Chairman of Supervisory Board at the Azerbaijan Industrial Corporation and Kamran Nabizade as Director General of the Azerbaijan Industrial Corporation.
EBRD expects Azerbaijan’s economy to grow in 2018
The European Bank for Reconstruction and Development (EBRD) expects Azerbaijan’s economy to grow 2 percent in 2018, according to an updated Regional Economic Prospects report published.
The bank’s analysts noted that the start of gas production within the second stage of development of the Shah Deniz gas condensate field will support the growth of Azerbaijan’s economy next year.
As for this year, the bank’s analysts expect Azerbaijan’s economy to shrink 0.5 percent. The EBRD has kept its expectations regarding the development of the country’s economy as in the bank’s May report.
“Growth in eastern Europe and the Caucasus as a whole is expected to pick up from near zero to close to 1.5 percent in 2017 as headwinds from low commodity prices and the earlier recession in Russia subside,” said the report. “A gradual recovery in the region is set to continue in 2018.”
The EBRD’s forecast for 2018 exceeds expectations of Azerbaijani government. The Azerbaijani government expects Azerbaijan’s real GDP to grow 1.5 percent in 2018. For 2017, the Azerbaijani government expects the country’s economy to grow 0.3 percent.
Azerbaijan has been a member of EBRD since 1992. Since then, the bank has invested about $2.8 billion in the country’s economy.
