Production in non oil sector up by 18 pct

By Azernews

By Ayya Lmahamad

Production in Azerbaijan’s non-oil processing industry increased by 18 percent year-on-year in 2020, the Economy Minister Mikayil Jabbarov wrote on his official Twitter page on March 15.

The output of products and services produced in the non-oil industry amounted to AZN 1 billion ($604.7M) in January 2021, which is an increase by 12.8 percent, comparing to the same period of year, the minister said.

Earlier, the minister announced that Azerbaijan’s business environment was entering a recovery period after the coronavirus pandemic, adding that the country’s business environment will be further improved. He stated that the measures would be taken to achieve SME's significant share in GDP, promote their participation in public procurement and to boost business transparency.

The task is set of sustainable diversification of the economy, and in this regard, it’s planned to develop a concept that will contribute to the growth of non-oil exports.