ADB President: “Global financial crisis allows Azerbaijan to diversify its economy”

Baku: “Global financial crisis in the world opens up opportunities for Azerbaijan”, said the ADB President Takehiko Nakao at the final press conference of the 48th Annual Meeting of ADb Board of Governors.

According to Nakao, alongside with the financial crisis, oil price decline also allows to seize many opportunities: “As you know, oil makes 95% of export in Azerbaijan. Of course, oil price decline is a challenge for country.

This may have negative impact on balance of payment, budget revenues. Along with this, growth rate also may decline. I accept it as a challenge. But, if we take into account that the government tries to increase share of agribusiness, agriculture, cosmic industry, ICT and other spheres in economy, then oil price decline can be a chance for diversification of economy. I hope the countries like Azerbaijan will use the chance of economic diversification seizing this opportunity”.

SOURCE: Azeri Press News Agency