BAKU, Azerbaijan, June 16. Discussions are
underway to develop additional incentive packages for investors in
Azerbaijan, Head of Baku General Directorate on Architecture and
Urban Planning under the Azerbaijan State Committee for Urban
Planning and Architecture, Read Gasimov, said, Trend's correspondent
reports from the event.
He made the remark at the event "Azerbaijan Investment Outlook
Session" held within the framework of the Annual Meeting of the
Islamic Development Bank (IsDB) Group in Baku.
"If we want to create a multiplier effect in the economy, we
need to stimulate the construction sector," he explained.
Gasimov said that the economy is the foundation of all business
sectors, and the real estate sector is considered one of the main
driving forces of the economy. According to him, macroeconomic
stability and sustainable growth are the main conditions for the
partnership of the state, business, and investors.
"The reforms implemented by the state in Azerbaijan in recent
years, investments in infrastructure projects, increasing
transparency in the tax and customs sectors, as well as legal
guarantees created for foreign investors are of great importance.
However, for sustainable economic growth, along with state
investments, the active participation of the private sector and
investors is necessary," he noted.
Gasimov emphasized that the development of the real estate
sector directly depends on financial accessibility.
"The support of the banking sector to the construction sector,
the conditions of mortgage loans and project financing mechanisms
must be further improved. If we want to create a multiplier effect
in the economy, we must stimulate the construction sector. Because
in parallel with the development of the construction sector,
production, logistics, services and other related sectors are also
being revived," he said.
According to him, the expansion of the construction sector also
plays an important role in terms of creating new jobs and
increasing tax revenues.
Gasimov added that increasing the economic potential in the
regions and expanding tourism-commercial projects are also among
the priority areas:
"Along with Baku, the development of the regions should also be
in the spotlight. Supporting regional real estate projects serves
to diversify GDP. Public-private partnership models, on the other
hand, allow for the sharing of investment risks and more effective
management of projects," the official said.
He noted that strengthening the legal framework of
public-private sector partnership mechanisms and preparing
additional incentive packages for investors are among the main
topics in discussions with the government.
