DEVELOPMENT CONCEPT “AZERBAIJAN - 2020: OUTLOOK FOR THE FUTURE” Project monetary and fiscal policy, the improvement of the business environment, support for private initiative, the development of the market of financial services and the improvement of the foreign trade and investment policy. During this period, it is planned to keep inflation at the acceptable level and ensure gradual transition to a more flexible currency rate. At the same time, purposeful measures will be taken to improve the structure of the economy. The modernization of the oil and gas sector and the petrochemical industry, the diversification and development of the non-oil industry, the expansion of opportunities to use alternative and renewable energy sources, the development of the agrarian sector, the strengthening of food security, expansion and development of trade and types of services and the improvement of the foreign trade and investment structure will be priority spheres. It is planned that during the period covered by the concept, the average pace of annual real growth in GDP in the non-oil sector will be more than 7 per cent. The main task in the current stage is to speed up the diversification of the economy, to maintain the high pace of the development of the non-oil sector in the future regardless of the level of oil revenues, to increase competitiveness and to develop export possibilities. In the Development Concept “Azerbaijan 2020: Look into the Future”, an export-oriented economic model is taken as a basis, and it is planned that increasing the competitiveness of the economy and improvement of the structure will boost non-oil exports. Along with the speedy development of the non-oil industry, the promotion and expansion of innovative activity will create favourable grounds for the formation of an economy based on knowledge in the country. In order to achieve these goals, it is important to make full use of all the country’s possibilities, to make effective use of the existing economic, social and political resources and create conditions for strengthening the country’s potential. From this point of view, it is planned to develop the energy, transport, transit and logistical infrastructure, to concentrate on the development of regions, to form regional development centres taking into account the competitive advantages of each region and to develop the infrastructure and social services in cities and villages. The expansion of opportunities for using ICT and communication services, the creation of a reliable security system aimed at developing information and communication technologies, the formation of national standards, as well as the launch of totally digital broadcasting across the country and the halting of analog broadcasting, and the total use of e-government services will be in the centre of attention as one of the main priorities in the formation of Azerbaijan as a modern state. The purpose of any economic growth is to increase social welfare. From this point of view, one of the main priorities of the concept is the development of social spheres and human capital. Within these priorities, the main spheres are to increase the quality of 10