Presidential Assistant: New preferential instruments will be used for the development of the non-oil sector

New preferential instruments will be used for the development of Azerbaijan's non-oil sector.

As Report informs, Presidential Assistant and Head of the Department of Economic Issues and Innovative Development Policy of the Presidential Administration Shahmar Movsumov stated this to journalists at the II Azerbaijan International Investment Forum in Baku.

According to him, despite the reduction in transfers from the State Oil Fund, investments will not decrease.

"Budget growth continues, it is not shrinking. At the same time, transfers from the oil fund within the budget are somewhat declining. This is an indicator of Azerbaijan's transition to a more long-term and sustainable use of oil resources. But the programs will continue, investments will not be reduced," the Presidential Assistant noted.

Movsumov added that the government has created numerous preferential instruments in recent years, and all of them are aimed at developing the non-oil sector: "Most of these instruments are financed from the state budget and are directed not at specific projects, but at applying incentives for the development of the sector as a whole. That is, the innovation lies more in this."