 October 22, 2009. A High Level Forum on the Long Term Economic and Social Development of Azerbaijan was held on October 21, 2009. The event was organized by the Government of Azerbaijan and the World Bank. It was co-chaired by Mr. Artur Rasi-Zadeh, Prime Minister, and Ms. Ngozi Okonjo-Iweala, Managing Director of the World Bank and attended by
Mr. Asad Alam, World Bank Regional Director for the South Caucasus. Distinguished decision-makers and economists from Azerbaijan, Europe and the US, including Dr. Garret FitzGerald, Former Prime Minister of Ireland, Professor Ricardo Hausmann of Harvard University, Professor Ed Walsh, Founder of University of Limerick, and Mr.Ivan Miklos, Member of Parliament of Slovak Republic, took part in the work of the Forum as invited experts.
The Forum acknowledged the important progress that Azerbaijan has made in recent years, having grown at 22 percent a year in 2003-2008 and having reduced poverty dramatically in a very short timeframe . It also recognized that the global crisis together with the eventual flattening of Azerbaijan’s oil revenues require a change in the current approach to development if the country wants to become an upper middle income country in 2020. In light of the changed economic environment caused by the crisis and the volatility in oil prices, Azerbaijan will need dramatically increase its non-oil exports in the next decade. International experience suggests that the only way this can be achieved is through very significant increases in foreign direct investment (FDI). The Forum noted that essential ingredients for attracting FDI and for encouraging domestic entrepreneurs to innovate and to develop new products are to (a) maintain macroeconomic stability, (b) create a dynamic business environment, and (c) upgrade the education  and training skills of the population. Summarizing the work of the Forum, Mrs. Okonjo-Iweala stated that it opens a constructive dialogue on ways Azerbaijan can diversify its economy. “While learning from experiences of Ireland and Slovakia, the country will certainly adopt its own, Azeri model of growth that balances reliance on domestic and foreign markets”, she said. During the Forum, Mrs. Okonjo-Iweala met with the President of Azerbaijan, HE Ilham Aliyev, and briefed him on the work of the Forum. She spoke about the importance of advancing further reforms in order to make the country attractive for foreign and domestic investors, which would include measures to improve the quality of tertiary education, governance and business environment. The World Bank Managing Director assured that her institution stands ready to assist and support the government in this process. The Forum concluded with a commitment to develop a plan of actions aimed at moving the diversification agenda and to reconvene in one year time to assess progress and results. Presentations Diversification and Export Development: International Experience by Prof. Ricardo Hausmann, Harvard University Presentation on Slovakia Experience by Mr. Ivan Miklos, Member of Parliament of Slovakia Presentation on Ireland Experience by Dr. Garret FitzGerald, Former Pirme Minister of Ireland Presentation on Ireland Education Sector Experience by Dr. Edward Walsh, University of Limerick
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