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World Bank: Azerbaijan must decrease dependence on oil and develop agriculture

03 December 2012 09:52 (UTC +04:00)

To him, investment in human capital can play its positive role also in diversification of country’s economy.

Touching upon the investments attracted from abroad, Leshchenko said that the investment must not be directed only to oil-gas sector, but also to other spheres of economy: ‘At the same time, Azerbaijan must decrease dependence on oil, develop other spheres, such as agriculture. Agriculture is one of the potential spheres of Azerbaijan. This sphere must be developed and based on private sector’.

Appreciating great attention of Azerbaijan to non-oil sector during recent years, WB official noted that by 2011, growth of Azerbaijan’s economy was achieved at the cost of oil sector, but the stagnation observed in this sphere during the past 2 years caused the development of non-oil sector.

Moreover, Leshchenko highly assessed the reduction of poverty in Azerbaijan from 50% to 10%.