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Over $190B invested in Azerbaijani economy

Business Materials 27 October 2014 11:35 (UTC +04:00)
Azerbaijan plays and will play an important role in ensuring the energy security of Europe in the future
Over $190B invested in Azerbaijani economy

Baku, Azerbaijan, Oct.27

By Emil Ismayilov - Trend:

Azerbaijan plays and will play an important role in ensuring the energy security of Europe in the future.

The chairman of the Energy Regulators Regional Association Alparslan Bayraktar made the remarks Oct.27 during the XIII Conference on investments and energy regulation in Baku.

He said this is one of the reasons for holding this conference in the capital of Azerbaijan.

Among the other reasons of holding the conference in Baku Bayraktar also mentioned that Azerbaijan is one of the fastest growing countries of the ERRA, and the country demonstrates a unique example of regional cooperation together with Georgia and Turkey.

Over $190 billion has been invested in Azerbaijan's economy since the country gained independence, and the foreign exchange reserves of the country stand at the level of $53 billion, the Deputy Minister of Economy and Industry of Azerbaijan, Niyazi Safarov said during the conference. The ratio of external debt to GDP of the country stands at 8 percent.

He said that the power generation capacities increased by 2,000 megawatts over the last 10 years in Azerbaijan.

Reports will be heard at the event and discussions held on such topics as the power industry of Azerbaijan, security of energy supply, the problems in the use of renewable energy and empowerment of consumers on the energy market.

The Conference on investments and energy regulation of ERRA annually attracts about 300 representatives of more than 100 regulators, experts, investors, scientists, consumers representatives, organizations for environmental protection, agencies on development and other professionals from the countries of Central and Eastern Europe, North America to participate in its work.

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