Baku, Azerbaijan, Apr.9
Trend:
Azerbaijan’s economy has grown by 2.3 percent in the first quarter of 2018, said Azerbaijan’s President Ilham Aliyev making an opening speech at a meeting of the Cabinet of Ministers dedicated to the results of socioeconomic development of the first quarter of 2018 and future tasks.
“This is a very good indicator. It is the highest indicator of growth rate in the world. The non-oil sector has grown by around 3 percent. This is the result of the policy for diversification of our economy,” said President Aliyev.
The head of state noted that the industrial production has increased by 2 percent, while the non-oil industry has grown by about 10 percent in the first quarter of 2018.
“This is the result of the industrialization policy pursued in the country over the last years. The non-oil industry has grown by 10 percent and I believe that this can be considered as a record,” said President Aliyev.
He went on to add that agriculture has grown by 4.2 percent and major part of this growth accounts for plant growing, which has increased by 50 percent.
This is the result of growing of traditional and other technical plants in recent years and it is a very positive indicator, said the head of state.
The head of state noted that $3.5 billion worth investments have been made in Azerbaijan’s economy in the first quarter of 2018 and the major part of this amount accounts for foreign investments.
“This shows that our country is very attractive for foreign investors. Our currency reserves have increased by $2.2 billion and currently stand at $44.2 billion. I believe that more than $2 billion rise in our currency reserves in three months on the one hand shows that we use our reserves very economically and on the other hand, this is the result of the successful policy conducted in the oil sector over the recent years, as this amount also includes $450 million worth bonus under the last year’s contract to extend the development of Azeri-Chirag-Guneshli field,” said President Aliyev.
He went on to add that Azerbaijan’s foreign trade turnover has increased by 31 percent and this is also a very good indicator.
“Export, to be more precisely, non-oil export has grown by 37 percent. The total export has increased by 24 percent, while the non-oil export has grown by 37 percent. This is the clear example of our policy,” said the head of state.
President Aliyev noted that 34,000 new jobs have been created in Azerbaijan in the first quarter of 2018 and 31,000 of them are permanent jobs.
Further, the president noted that infrastructure projects have been implemented successfully in the first quarter of 2018.
“Of course, we have taken very important steps towards creation of the Southern Gas Corridor. Baku hosted the fourth meeting of the Advisory Council in February. A declaration was adopted as a result of the discussions held during the Advisory Council meeting. Our country’s leading role was once again reflected in this document. Little time left for the realization of the Southern Gas Corridor. We take successful steps towards this. This year will see the completion of three important parts of this project: TANAP, South Caucasus Pipeline and Shah Deniz 2. That’s to say, this is our historical achievement and this year we have taken important steps towards this,” said the head of state.
The president pointed out that the agreements reached this year in the transport sphere (indeed, those agreements were reached on the basis of the work done in the past years) will lead to the creation of the North-South transport corridor.
“The construction of its missing part has started. As you know, Azerbaijan has completed all the work on the North-South transport corridor on its territory. From now on there will be carried out work only on modernization of the railroad so that to even more increase the speed. We have a full railroad infrastructure, a railway connecting our north and south borders. Investments have been made and currently, we pay serious attention to this issue from regional point of view. Very important steps have been taken in this regard in the first quarter,” said the president.