Azerbaijan’s private sector accounts for majority of new employment openings for 9M2023

The private sector created more than 93 percent of new jobs in Azerbaijan during January to September 2023, Chairman of the Azerbaijani Parliament Committee on Economic Policy, Industry and Entrepreneurship Tahir Mirkishili said at the Customs Business Forum 2023 (GBF23) in Baku, Trend reports. "The private sector accounts for 86.5 percent of gross domestic product (GDP), and it employs more than 78 percent of the workforce." The law on public-private partnerships was passed on December 9, 2022. "From 1995 to 2021, the private sector's share of Azerbaijan's GDP increased by 2.8 times," he said. Economic growth, he believes, should be built on innovative and efficient private initiatives, with public-private cooperation increased. "It is critical to further stimulate the activity of the innovative private sector, increasing its share of non-oil sector financing." "It is critical to significantly improve the business environment, increase the transparency of the judicial system, and prevent unfair competiti on if the private sector, particularly small and medium-sized enterprises, is to become the main source of economic growth and employment," the MP explained. "A new and transparent privatization strategy is required to improve the economic efficiency of business promotion mechanisms." Tax and customs laws should encourage entrepreneurship by offering enough chances to offset state budget costs," he added. The GBF23 has kicked off in Baku as part of a series of events dedicated to the 100th anniversary of the national leader Heydar Aliyev. The main goal of the forum, which was organized to inform citizens and business entities about projects implemented by the customs service as part of President of the Republic of Azerbaijan Ilham Aliyev's broad economic reforms aimed at ensuring Azerbaijan's long-term development, is to provide a corporate report from the Committee on Customs and Business Cooperation. Source: Trend News Agency