A new industrial park will be created in Mingachevir city of Azerbaijan.
The decision was made at a meeting of the Economy and Industry Ministry devoted to the execution of the tasks defined by the head of state at a conference on the results of the first year of realization of the “State program of socio-economic development of regions of Azerbaijan in 2014-2018 years.”
Azerbaijan allocated some 4.5 billion manats to the development of regions in 2014, Economy and Industry Minister Shahin Mustafayev said at a conference on the outcomes of the first year of implementation of the “State Program on socio-economic development of districts of the Republic of Azerbaijan in 2014-2018.”
“Last year the implementation of infrastructure projects, including the improvement of roads and transport infrastructure, energy, gas and water supply infrastructures in the regions was continued. During a year, 960 kilometres of roads of state and local purpose, 30 new bridges and passages were constructed and reconstructed. Construction and reconstruction of village roads with a total length of 1,300 kilometres, joining 597 residential points where 960,000 people live, was also continued,” the minister added.
Baku is not afraid of lowering oil prices, the government assured the Azerbaijani nation amid concerns over decline in crude oil price in the global market, now hovering around $50 a barrel.
The government of the energy-rich Azerbaijan has long been speaking about the risk of the energy depending economy. It has been searching for alternatives to petrodollars received from the oil and gas export since long time ago.
The government is paying special attention to diversification, as a result of which Azerbaijan’s non-oil economic sectors have grown by 10 to 15 percent over the last two to three years. Relevant programs were adopted at the state level on the development of non-oil sector, which covers mainly agriculture, industry and IT sectors. Continue reading