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WB official: Azerbaijan should focus on developing several other non-oil sectors

22.06.2021,16:37


June 22, Fineko/abc.az. The World Bank is preparing a research and analytical memorandum on the economy of Azerbaijan.

ABC.AZ reports that WB manager for Azerbaijan, Sarah Michael, told reporters about this.

According to Ms. Michael, the Memo is prepared once every 5 years, and because of the pandemic, the process has been somewhat delayed:

"The Memo examines the current state and prospects of various sectors of the country's economy. The document will be fully ready within the next three months."

The WB is preparing an "Economic Memorandum on Azerbaijan" with an assessment of the current state and potential for each sector of the economy, the document will be ready in three months, according to Baku-based WB office’s head Sarah Michael.

Ms. Michael also added that although Azerbaijan's oil sector currently has sufficient potential, the government should focus on the development of several other non-oil sectors:

"For example, although the potential of the agricultural sector is high, the processing industry in this area is not brought to the necessary level. The potential for exporting products to Europe has not been fully developed. In addition, other non-oil sectors, such as tourism, trade and logistics, also have great potential."