Baku, Azerbaijan, Feb. 13
Azerbaijan will continue implementing reforms to create very strong economy based on knowledge, technologies, good governance and human capital, President Ilham Aliyev said Feb. 13 at a meeting with a delegation led by Wolfgang Buchele, chairman of Germany’s Committee on Eastern European Economic Relations.
The head of state underlined deep commitment to the implementation of these reforms.
President Aliyev noted that the reforms carried out in the economic sphere, in particular in the institutional, structural, fiscal and other spheres, have already yielded successful results and these reforms will be continued.
The main task is to ensure sustainable development based on the non-oil sector, the Azerbaijani president said, adding that from this point of view, Azerbaijan intends to ensure observance of the transparency and accountability principles.
Great attention is paid to the investment environment in Azerbaijan, he noted. Over the past 15 years, investments worth more than $230 billion have been attracted, he added.
Despite that these investments were mainly directed to the oil sector, attraction of big investments to the non-oil sector at the same time made it possible to ensure diversification of economy and regional development, Ilham Aliyev said.
He noted that the energy projects will bring additional income for a long period and added that the macroeconomic situation in Azerbaijan is very positive, the volume of international foreign exchange reserves is equal to GDP, and the country’s external debt is at a very low level - about 20 percent (of GDP).
In the first month of this year inflation was 5.5 percent, Ilham Aliyev said, adding that the population’s income grew by more than 11 percent.
All this creates fundamental basis for development, the Azerbaijani president said. Investments in infrastructure and agriculture are yielding results, he added.
President Ilham Aliyev noted that the oil and gas sector will simply make it possible to increase the reserves and incomes of the State Oil Fund.