Azerbaijan seeks to boost economy with tourism

Low oil prices force the oil and gas-rich country to search for alternatives, like investing in tourism and infrastructure to diversify its economy.

Photo by: Reuters
Photo by: Reuters

Low oil prices has caused Azerbaijan to rethink its heavy reliance on oil revenues to turn its economy.

Azerbaijan is seeking non-oil growth in its economy as the country’s heavy reliance on oil revenues has negatively affected its economic growth.

It suffered from "the protracted slump in global oil prices," according to the World Bank, saying its "GDP declined by 3.4 percent in the first half of 2016."

According to Taleh Ziyadov, CEO of the Port of Baku, "we are now living in a post-oil environment, where oil will become less relevant to the economy."

Oil still accounts for one-quarter of its economy, but Azerbaijan is counting on alternatives to spur the next round of economic growth.

The attempts to diversify the economy have caused more investment in tourism and infrastructure in the country.

TRT World's Ali Mustafa reports from Azerbaijan's Qabala district.