Private sector gradually becoming engine of Azerbaijan's economy

By Trend

The private sector is gradually becoming the engine of Azerbaijan's economy, Executive Director of the Center for economic reforms and communications Vusal Gasimli told reporters May 5.

He noted that the private sector played an important role in increasing the country's non-oil exports.

"Last year, Azerbaijan's non-oil exports grew by 35 percent. The private sector made a big contribution to this growth, as 70 percent of non-oil exports fell to share of the private sector," Gasimli added.

Gasimli noted the significant role of the private sector in the development of non-oil sector of Azerbaijani economy.

"Today, the country's economy has new growth points - non-oil industry, tourism, transport and logistics, agriculture. The private sector also plays an important role in the development of these areas," he said.

Gasimli added that as a result, the tourism sector has grown by a third.

"In agriculture there is development of traditional for Azerbaijan, but forgotten in the Soviet period directions. Also, in the non-oil industry Azerbaijan again began the development of the steel sector, engineering and other areas", he said.