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Azerbaijan: development in terms of low oil prices

Economy Materials 28 January 2015 19:29 (UTC +04:00)
While the world’s mining countries (and not only these countries) are taking anti-crisis plans in connection with falling oil prices, Azerbaijan continues implementing all tasks by regulating them only by priority.
Azerbaijan: development in terms of low oil prices

Baku, Azerbaijan, Jan. 28

By Azad Hasanli - Trend:

While the world's mining countries (and not only these countries) are taking anti-crisis plans in connection with falling oil prices, Azerbaijan continues implementing all tasks by regulating them only by priority.

President of Azerbaijan Ilham Aliyev's speech at the conference testifies to this. The conference was dedicated to the results of the first year of implementing the "State program of socio-economic development of districts of Azerbaijan in 2014-2018".

Without exaggeration the president's speech can be called a program speech. Ilham Aliyev has actually outlined the main ways of Azerbaijan's development for the coming years. Of course, the country's development program was always there. But today it has become more relevant and significant in terms of low oil prices.

It has been long noted that the development of economy's non-oil sector is a priority for Azerbaijan. Today, the development of the non-oil sector in Azerbaijan is much higher than that of the energy sector.

New prospects have opened up for Azerbaijan: manufacturing of high-tech export-oriented products, access to foreign markets.

The development of agriculture is another priority. The head of the state said that the production, meeting the domestic demands and export of agricultural produces should become a single system.

The figures presented by the president regarding Azerbaijan's production potential are especially impressive. These figures are several times higher than the current production volume which meets the domestic demands. That's to say, by increasing it by several times, Azerbaijan will create the largest export potential.

By taking into account all the abovementioned factors and the fact that the country has the fastest developing economy in the region, as well as the opportunities to invest in the creation of new enterprises, the developed transport infrastructure, Azerbaijan can turn into the biggest exporter.

Moreover, the lack of investments in nearby markets makes them dependent on imports from abroad.

In his speech, the president highlighted the existence of the Azerbaijani model of development.

"The countries that have not in time invested in the real sector, infrastructure, today regret it. They begin this work today, but it is late. Today, when oil prices fell, making big investments is not so easy. We had to do everything in time, and we did. Therefore, we are not mistaken when speaking today about the existence of the Azerbaijani model. There is such a model, and it is of interest for other parties as well," said President Aliyev.

That is, Azerbaijan demonstrated the possibility of the correct use of revenues from power industry and development during the "oil boom".

Today, the country can continue the Azerbaijani model's action, showing the world how producing countries can continue to develop in conditions of low oil prices.

Azad Hasanli is a staff journalist at Trend Agency

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