TOPICAL ISSUES OF DIVERSIFIED POLICY AND SUSTAINABLE ECONOMY OF AZERBAIJAN

Abstract. It is revealed that the sharp drop in oil prices demonstrated the existing problems in oil-producing countries and created a situation of weakening the economic stability of the Republic of Azerbaijan. It is established that sustainability of economy is the modern challenge for oil-producing countries of the CIS. The results of the analysis of the macroeconomic situation in the Republic of Azerbaijan on the basis of which it is confirmed that Russia is the largest trade and economic partner of Azerbaijan are given. It is proved that a diversified economy has the highest degree of stability, which is why diversification is today one of the main directions of economic policy of Azerbaijan. It is proved that industrial policy and import substitution should be adequate to global challenges.

In order to increase the export potential of Azerbaijan, growth of production of competitive import-substituting products, attraction of foreign investment suggested the formation of technology parks and industrial districts based on new technology using incentives of supply, demand and market promotion of products of highest priority from the point of view of ensuring economic stability of the industries. To implement the specific strategic goals for sustainable development the use of mechanism of project financing is proposed. 

1. In the Milli Majlis heard the annual report of the Cabinet of Ministers. Azerbaijan, 18 March 2015.

2. Enterprise pomegranate processing one of the first companies known abroad trademark. The Russian newspaper, 25.11.2015.

3. www.dw.de/немецкий-эксперт-санкции-обрекают-на-импортозамещение (accessed 31.03.2015).

4. G.Nikitin Industry is the key to development in all spheres http://minpromtorg.gov.ru (accessed 02.04.2015).

5. Azerbaijan welcomes Russian companies in the industrial parks of Azerbaijan Izvestiya, November 19, 2014.

6. Russia and Azerbaijan have agreed to invest up to 2020. http://mir24.tv/news/economy 11.02.2015.

7. The report of the State Committee of Azerbaijan Republic on statistics , 2015. http://www.trend.az/business/economy/2483490.html. (accessed 12.04.2015).