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Sunday, July 23, 2017

As oil slides, Azerbaijan turns to transportation sector

With oil prices slumping, Azerbaijan is looking to offset losses with diversification of its transportation sector to bolster its economy, a  report from the U.S.-Azerbaijan Chamber of Commerce said on Tuesday.

Azerbaijan sees potential growth in transportation with the pursuit of supportive infrastructure. President Ilham Aliyev said during a meeting with his Cabinet that this is the path the country should take.

"The construction of a marine trade port and the construction of the Baku-Tbilisi-Kars railway are closely related issues," Aliyev said. "We must expand these corridors. The North-South and East-West corridors run through Azerbaijan. The transport infrastructure that has been and is being created in Azerbaijan will serve both our country and neighbors."

Historically, the country has benefited from improvements in transportation infrastructure, which have led to increased trade, boosting the overall economic landscape.

The nation's transportation sector saw the largest amount of development investment outside of oil production. The report said the country has reconstructed main roads that connect to Georgia and Russia.

Organizations in this story

United States - Azerbaijan Chamber of Commerce 1212 Potomac Street, N.W. Washington, D.C., 20007

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