The expert discussion on Management of Oil Revenues held at Caucasus University

Economic Research Center ( ERC) organized expert discussion with professor-teacher staff of Caucasus University over outcomes and recommendations within the framework of “ Management of oil revenues in Azerbaijan” with support of Revenue Watch Institute on February 20, 2013. The opening remarks were delivered by head of Socio-Economic Research Center at Caucasus University, Fakhri Hasanov by briefing attendees about the event and informing cooperation ties between the University and ERC. 

The member of Board of Directors of the University, Cihan Bulut, underscored the importance of arranging such meetings between Caucasus University and ERC and wished participants in discussions.
Afterwards, the member of Management Board of ERC, project expert Gubad Ibadoglu made presentation. In his presentation he covered topics like oil and gas production indicators in Azerbaijan after gaining independence, dynamics of oil revenues, growth tendencies of oil gross domestic product, budget transfers of State Oil Company of Azerbaijan Republic ( SOCAR), including profits gained from management of oil revenues and forecasts as well.
After the presentation ERC expert responded to the questions of university teachers. The expert of Socio-Economic Research Center, Agamir Asgavor asked questions to ERC expert on outcomes related to prudent investment policy implemented by SOCAR on management of oil revenues. G.Ibadoglu underlined that management of funds is very complicated issue and further stated that he considers the investment policy realized by SOCAR right and brought comparisons from Kazakhstan experience as well.
After Question-Answer session discussion part was launched. The head of departments of Caucasus University, Ceyhun Mahmudlu and Altay Ismayilli emphasized the significance of increasing the volume of non-oil GDP as well as development perspectives of non-oil sector in Azerbaijan. Both experts brought experiences from other world countries and voiced arguments regarding priority fields.
The dean of Economy faculty Haiz Eynalov, deputy dean Yashar Etibarli, teachers Fuad Asgarov, Sarvar Gurbanov, Farid Cabiyev, Khanlar Heydarov, Nasimi Kamalov, including director of Center for Municipality Researches Sabuhi Yusifov, chief laboratorians Yasar Ahmadov, Anar Isgandarov, laboratory assistants Shamkhal Abilov, Vusal Huseynov made proposals over strengthening management of oil revenues, diversification of Azerbaijan economy, increasing revenues of state budget through development of non-oil sector and enhancing effectiveness of expenditures.
At the end of the meeting, it was underscored that such meetings should be also organized between ERC and Caucasus University in the future.
At the meeting, representatives from Revenue Watch Institute Azerbaijan Office, Emil Omarov and chairman of ERC Management Board, Galib Togrul took part as well.