IFC to Help Improve Productivity and Competitiveness of Agribusiness

The International Finance Corporation (IFC) will help increase the productivity and competitiveness of agribusiness in Azerbaijan. The agreement was signed with the Ministry of Agriculture in Baku on December 18.

Speaking at the ceremony, Minister Heydar Asadov said that the document envisages improving the management of the testing of new varieties, their registration and protection, as well as support for institutional capacity. This will ultimately lead to an increase in the capacity of farmers to enter the high-yielding varieties of crops, including imported seeds. Minister considers it appropriate to use the experience of Azerbaijan for the EU to increase productivity and competitiveness in agriculture.

"Cooperation with the Ministry of Agriculture is part of IFC's strategy to diversify the economy and sustainable development of the country. Successful implementation of the conceived ideas may lead to balanced development, competitiveness and growth of new jobs," said the IFC representative in Azerbaijan Aliya Azimova.

Agriculture is the leading sector of the economy for employment in Azerbaijan. There is huge potential for export of fresh fruits and vegetables. However, low development, supply chain of agricultural products and low yields are the main obstacles to the development of this potential, experts say.

The new agreement was signed in the IFC within the project "investment climate in Azerbaijan", which is funded by the State Secretariat for Economic Affairs of Switzerland (SECO). --08D-