In the course of the meeting held by President Ilham Aliyev on July 31 to discuss social and economic development of our republic, the head of state highly evaluated the rapid development of the non-oil sector.
“Over the six months of the current year our economy has grown by 2.4%, and the non-oil sector’s growth has been 3.2%. The highest growth rate is of the non-oil industry, namely, 15.7%. This fact proves that our recent industrialization policy is yielding good results,” Ilham Aliyev said. In countries where sale of natural resources is the main factor that secures revenues, it is vitally important to develop industries that can reduce the economy’s dependence on natural resources. That’s why in recent years the head of state has been emphasizing the development of nonoil sectors of economy and, specifically, incentivization of the medium- and small-businesses in this aspect. In his speech, President Ilham Aliyev also underlined that achievement of record results in the non-oil sector is largely intertwined with the role of large facilities put into operation this year, including the Carbamide plant and the SOCAR Polymer plants whose production capacity is sufficiently high.