' Azerbaijani government aims to develop non-oil sector'

Azerbaijan attaches great importance to the development of trade and economic relations with all countries, particularly investment cooperation, Azerbaijani deputy economic development minister Sevinj Hasanova said during the second meeting of heads of trade promotion organisations (TPO) of the Economic Cooperation Organisation (ECO) today.

"The Azerbaijani government's main priority is to develop the non-oil sector," she said. "The development of trade relations will play a huge role in this process in terms of expanding non-oil exports. There is great potential for the development of trade relations with the ECO countries."

As of 2011, trade relations between Azerbaijan and ECO countries hit $2.6 billion or 30 per cent more than the same period of 2010.

The deputy minister also stressed Azerbaijan's economic success for the last eight years. In particular, the country's GDP has tripled, while the budget by 12 times. Hasanova said that Azerbaijan has overcome the global financial crisis confidently.

The ECO is an intergovernmental regional organisation established by Iran, Pakistan, and Turkey in 1985.

ECO was established by Iran, Pakistan and Turkey in 1985. The organisation received observer status at the UN in 1993, and a year later at the Organisation of Islamic Conference (now the Organisation of Islamic Cooperation). IX summit of the organisation, including Azerbaijan, Afghanistan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Uzbekistan, Tajikistan, Turkey and Turkmenistan, was held in Baku in May 2006 and the X Summit in Tehran last year.

/Trend/