13:01 - 5.06.2018

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June 5, Fineko/abc.az. The European Union appreciates the actions of the Azerbaijani government in development and diversification of the economy, but at the same time calls for compliance with four basic principles.

At the 4th EU-Azerbaijan Business Forum Lawrence Meredith, European Commission’s director for European Neighborhood, stated that relationships between Azerbaijan and the EU have been brought up the level of strategic partnership.

"Now we are at stage of completion of the thematic partnership, and I think those measures will expand business opportunities between our parties. In particular, Azerbaijan’s transformation into a logistics and transport hub may cause interest among European countries," Mr. Meredith said.

He added that EU highly appreciates government's activities in the field of business environment development and economic diversification, but at the same time recommends to take measures to comply with the four basic principles.

"First, Azerbaijan should increase the role of small and medium-sized businesses in the formation of the economy, which makes up 60% in Europe, and up to 10% in Azerbaijan. The second is to ensure development of education, in particular participation of small and medium-sized businesses in research. The third is to ensure cooperation between the private and public sector and the fourth is to expand investment promotion measures," Mr. Meredith said.