A scientific seminar on the issues arising from the meeting of the Cabinet of Ministers held under the chairmanship of the President of the Republic of Azerbaijan Ilham Aliyev dedicated to the outcomes of the socio-economic development of the first half of 2017 and the forthcoming tasks was held at the Scientific Research Institute of Economic Studies under UNEC.
Farhad Mikayilov, PhD in economics, a senior researcher of the SRIES, who made a presentation on socio-economic development in the first half of the year, said that the non-oil sector grew by 1.7 percent compared to the same period last year. During the period under review the trade turnover with foreign countries amounted to USD 7,267.0 million, of which US $ 4450.1 million was exported and $ 2816.9 million was imported, resulting in a positive trade balance of $ 1633.2 million. This is due to a 27.5% increase in commodity exports and a 15% decrease in imports compared to the previous year, which is mainly the result of increase in the volume of export-substituting products and expanding access to the world market in the non-oil sector.
Rovshan Guliyev, Deputy Director of the SRIES, pointed out the tasks set at the meeting chaired by Azerbaijani President Ilham Aliyev, said that an action plan was prepared at UNEC to improve the cadres prepared in the National Strategic Road Map of the Republic of Azerbaijan.
Finally, in order to support the development of the non-oil sector in the country, discussions were held on the implementation of large-scale scientific research works at the SRIES for the study of foreign markets and the participants’ questions were answered.