TODAY.AZ / Business

CIS Finance and Banking Council First VP: Azerbaijan's economy is one of fastest growing economies worldwide

21 October 2010 [13:23] - TODAY.AZ
Holding the third Baku International Conference of the CIS member states on the topic "Financial institutions - basis of structural modernization of economies of the CIS" is very important to identify constructive challenges and structural ideas in the post-crisis period," Jahangir Hajiyev, First Vice President of CIS Finance and Banking Council, Chairman of the Board of the International Bank of Azerbaijan, said.

"I firmly believe that structural modernization of economies, in particular Azerbaijan's economy, is necessitated by time. Azerbaijani economy is one of the fastest-growing in the world and it has been leading in the Commonwealth for GDP growth rate over the last five years," Hajiyev said.

According to Hajiyev, Azerbaijan's economy has demonstrated its stability even in terms of economic cataclysms primarily due to both best achievements and efficiency of crisis measures.

Expert community recognized these measures as one of the most active in the post-Soviet area. Over the past two years, the World Bank has recognized Azerbaijan as a world leader in the field of reform, and leading international financial institutions have included it in a list of countries with economies least affected by the global financial crisis, he added.

"Azerbaijan is a self-sufficient state providing itself with financial, energy and labor resources," Hajiyev said. "Our country strengthens its position in the region and serves as a stabilizing factor in every field of economy. All this has given good reason to believe we have completed a transition period in economy and entered a new phase of development. Now a new stage of upgrading economy is coming. That needs an active phase of structural change and it is primarily about institutional and sectoral structure of the economy".

Azerbaijan has reached certain backlog in term of innovation development.

According to the World Economic Forum's "Global Competitiveness Report 2010 - 2011", Azerbaijan ranks 61 among 139 countries worldwide and second in the CIS (after Russia) for the innovation factor. Azerbaijan has left behind its neighbors in the Caucasus and Central Asia.

The conference in Baku is expected to discuss the role of international and regional funds in funding the programs of structural modernization, experience of national and supranational bodies of the CIS in creating a favorable climate and coordinating the modernization projects and importance of national development institutions in implementing transboundary projects in the CIS member states. 


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