BAKU, Azerbaijan, March 15
Azerbaijan is one of a handful of countries of the world where foreign debt is very low – only $7.4 billion. If we want, we can repay this debt in one day, President of the Republic of Azerbaijan Ilham Aliyev said addressing the groundbreaking ceremony for the 230 MW Garadagh Solar Power Plant, Trend reports.
"Foreign markets are outside our borders and in Europe. Again, there is a great demand. Domestic demand is growing. In the years of independence, the population of Azerbaijan has increased from 7 million to 10 million. This, of course, is a great advantage. At the same time, our industry and economy are growing. In the first two months of this year, the gross domestic product increased by 6.7 percent, the non-oil sector by 10.1 percent and non-oil industrial production by about 21 percent. All these are achievements of the post-pandemic period and show that the reforms carried out in Azerbaijan, the policy of industrialization, the improvement of the business environment and the attraction of foreign investment are truly commendable steps. I would like to add that Azerbaijan is one of a handful of countries of the world where foreign debt is very low – only $7.4 billion. If we want, we can repay this debt in one day. Of course, both international financial institutions, large companies and investors are very interested in Azerbaijan. Our policy is to ensure the further rapid development of our country, first of all, to restore the liberated lands, of course. This is a large area, more than 10,000 square kilometers. At the same time, we want to ensure the sustainable development of our country. It is an axiom that no country can develop without electricity. This is the first condition and it is the main condition. Fortunately, Azerbaijan has rich oil and gas fields, and these fields are being successfully developed and operated. There is a modern infrastructure – transport, communications and power lines connect us with export markets. There is a strong political resolve. We have close partnerships with almost all countries of the world. We have many friends, one of whom is from the United Arab Emirates. Taking into account all the investment interests, the business interests, I must also say that if there weren’t close and friendly relations between our countries, we probably would not have seen this project. So a combination of all these factors creates a wonderful opportunity. I think we are using this opportunity very effectively and we will continue to do so," the head of state said.