BAKU, Azerbaijan, January 12. Azerbaijan's strategic monetary reserves have grown by more than 42.8 times over the past 20 years, reaching $68.5 billion, said President of the National Confederation of Entrepreneurs (Employers) Organizations of Azerbaijan Mammad Musayev, Trend reports.
Musayev made the statement during a conference titled "State-business partnership: the basis of a sustainable economy" held in Baku.
The official noted that the rapid economic development of Azerbaijan was highly appreciated by world rating organizations.
“A report published by the Fitch Ratings international rating agency confirmed the country’s positive long-term rating in local and foreign currencies. As the country’s financial capabilities improved, its dependence on external borrowings decreased. As a result, the external debt share in GDP in 2022 dropped to 10 percent from 21.6 percent in 2003,” he pointed out.
The conference held at the Heydar Aliyev Center in Baku was initiated by representatives of various business associations and entrepreneurs working in industries such as manufacturing, construction, agriculture, logistics, ICT, healthcare, insurance, tourism, textiles, and other sectors.
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