Baku, Azerbaijan, Jan. 1
As a result of reforms, Azerbaijan has managed to come out of difficult situation with dignity, said Azerbaijani President Ilham Aliyev.
President Ilham Aliyev said this in his congratulations to the Azerbaijani people on the occasion of the Solidarity Day of World Azerbaijanis and New Year.
“Of course, a strong economy is required to meet all our objectives. We have worked very hard in this direction this year. 2017 will go down in history as a year of deep, profound and effective economic reforms. Even though the oil price is still at a low level and oil production in Azerbaijan is reducing, Azerbaijan has managed to come out of this difficult situation with dignity. This is also acknowledged by reputed international organizations. According to the calculations of the Davos World Economic Forum, Azerbaijan is ranked in 35th place in the world in terms of economic competitiveness. This, first of all, shows that the very serious reforms underway in our country are producing excellent results,” President Aliyev said.
The Head of State noted that this year, the non-oil sector of the economy has increased by more than 2 percent, the non-oil industry by more than 3 percent and agriculture by over 4 percent.
“I believe that these are very good results under the current circumstances. I am sure that these figures will be even higher in 2018. At the same time, we are also using our currency reserves very effectively. Although the oil price has dropped, we have managed to increase our foreign exchange reserves, and by a lot – our foreign exchange reserves have increased by more than $4.5 billion. These are our strategic reserves. This is one of the factors providing and strengthening our both economic and political independence,” noted Ilham Aliyev.