Economists and Business Leaders Criticize Economic Challenges

On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.

According to the Ministry’s website, the session, which included Economy Minister Mikail Jabbarov, heads of relevant departments, and representatives from various private financial institutions, was focused on addressing key issues and opportunities within the sector.

During the meeting, Jabbarov emphasized that the competitive development of the non-oil sector, stimulation of new production areas, and enhancement of export potential are crucial priorities for the country’s economy. The discussion also highlighted the importance of tax and customs reforms, special customs procedures for internal processing, and state support mechanisms for financing entrepreneurial investment projects. The goal is to create a more favorable business environment and expand investment opportunities.

Entrepreneurs shared their insights on their activities and challenges, including issues related to tax and customs benefits, preferential lending, transportation and logistics, access to raw materials, export potential, standardization, and changes in land use. They also discussed creating new market relationships and increasing local production.

The meeting featured a question-and-answer session where entrepreneurs' concerns were addressed, and feedback on their proposals was provided. Discussions also covered new state support tools, potential government initiatives to stimulate the sector, and upcoming tasks. The Ministry promised to carefully analyze the issues raised and develop necessary proposals.

Minister Jabbarov commented on social media platform X: "We were pleased to meet with entrepreneurs in the non-oil sector to discuss opportunities for growing local production and expanding export markets. We answered questions and listened to the proposals from businesspeople."

The meeting took place amid a broader economic downturn, largely due to a more than 30% decline in the oil sector, which has not been offset by growth in the non-oil industry. GDP production decreased by 4.3% in the first half of 2024.