Azerbaijan working on reducing shadow economy

Azerbaijan working on reducing shadow economy
Azerbaijan working on reducing shadow economy

"The size of the shadow economy shall shrink, and transparency in private and public sectors shall increase," the document titled Azerbaijan 2030: the National Priorities of Social and Economic Development approved by President of Azerbaijan Ilham Aliyev today reads.

Pursuant to the document, innovative and effective private initiatives must promote economic growth and strengthen private and public cooperation.

"Economic growth is one of the major factors which impacts citizens' lives. We shall have a high per capita income. Economic growth shall ensure an annual improvement of the standard of living by creating high-income jobs. Despite the oil sector being a pillar of social and economic advancement, non-oil economy shall become the center of development," the document reads.

In order for the private sector to become the source of economic growth and employment, especially for small and medium-sized enterprises, Azerbaijan plans to improve its business environment, increase transparency in its judicial and legal systems and eliminate unfair competition.

"A new and transparent privatization strategy shall be implemented, and economic effectiveness of business promotional tools shall increase. Tax and customs policy shall be strengthened, and the expenditure policy of the state budget shall stimulate entrepreneurial activities. Additionally, foreign investments shall be attracted, and the investments shall be regulated effectively," the document reads. 

If you find out orphographic mistake in the text, please select mistaken part of the text and press Ctrl + Enter.

Last added

Latest news