Representative of the World Bank: Universities have a great role in the preparation of human resources
Wolfgang Fengler, World Bank chief economist visiting Baku within the framework of the forum “Diversification of Economy – Private Sector Role” and the head of Baku office of the bank Saida Bagirova have been to UNEC.
The representative of the World Bank made a speech with the presentation, meeting with the rector of UNEC prof. A.Muradov and university professor-teaching staff.
He spoke about the economist region, as well as global tendencies happening in the world and their influences on Azerbaijan. An expert outlining the five major principles providing success criteria and economic development of the economically developed countries of the world, compared them with Azerbaijan and showed the direction of compliance.
Stating that Azerbaijan has great opportunities for making economic success, W.Fengler told about the importance of building the country’s economy on human resources. The World Bank representative pointed out that the universities have a great responsibility for it.
The expert referred to “Big Data” as the leading force of the 21st century and spoke about its role in modeling future processes, as well as regulation of the world economy. W. Fengler pointed out that one of the two health-related forecasts in the world is wrong, stressing that these problems will be eliminated only through “Big Data”.
The presentation touched upon the tendencies of current energy markets, reduction of cost of solar energy, increased interest in chemical products market, recovery of economic balance, business risks and other issues. Impact of global changes on Azerbaijan and opportunities generating for the country were also commented on.
Then the World Bank representative answered questions on the World Bank review on the regulation of Azerbaijani economy, future prospects of the country’s economy and the role of foreign investment in the non-oil sector.
Finally, he said that World Bank’s research on transformation from resource-based economy to human capital-based economy would be submitted to UNEC.