BAKU, Azerbaijan, January 18. President of the Republic of Azerbaijan Ilham Aliyev has significantly developed the economy of Azerbaijan over the past 20 years, Chairman of the Committee Tahir Mirkishili said at a meeting of the Azerbaijani Parliament's Committee on Economic Policy, Industry and Entrepreneurship, Trend reports.
He noted that the thriving economy of Azerbaijan has stood as the main booster for achieving the country's national goals in all areas.
"Few nations globally enjoy economic independence. Most countries' debt exceeds their GDP. This dependency prevents them from pursuing policies following their national interests. Currently, Azerbaijan's external state debt stands at 10 percent of GDP, which is 10 times less than our strategic currency reserves," the MP reminded. "Economic independence has allowed Azerbaijan, despite the most challenging moments in its history and pressure on our country, to take steps that serve national interests."
"It's through economic independence that we have implemented projects that are considered 'impossible' in the region, further enhancing our political and economic strength. Over the past 20 years, Azerbaijan's GDP has increased fourfold, budget revenues have grown thirtyfold, and foreign trade turnover has increased by more than tenfold," Mirkishili pointed out. "We have become a leading country in the world in terms of development dynamics, the most attractive country for foreign investments in the region. The total volume of investments in the economy during this period exceeded $300 billion, of which $190 billion was invested in the non-oil sector."
As the committee chairman noted, during the same period, the non-oil and gas economy increased from $4 billion to $41 billion.
Besides, according to him, value-added in strategic sectors, prioritized for diversification, increased by 4.7 times in the non-oil and gas industry, 19 times in tourism, 23 times in information and communications, and five times in the transport sector.
He emphasized that just thanks to the efforts and dedication of President Ilham Aliyev, projects such as the Baku-Tbilisi-Ceyhan, Baku-Tbilisi-Kars, Trans-Anatolian Natural Gas Pipeline (TANAP), and Trans Adriatic Pipeline (TAP) were implemented.
Mirkishili also highlighted that the focus of the achieved economic success on boosting the social welfare of the country's citizens is the main policy line of President Ilham Aliyev.
"During the past period, the budget of socially-oriented expenditures increased 20 times, the minimum wage - 38 times, the average monthly wage - 12 times, the minimum pension - 16 times, and the average monthly pension - 14 times. Currently, 43 percent of the state budget expenditures are allocated to social-oriented expenses," he explained.
The committee chairman further stressed that the complete restoration of Azerbaijan's territorial integrity is the brightest page in the history of the Azerbaijani people.
"The victory achieved by Azerbaijan under the leadership of the victorious Supreme Commander Ilham Aliyev is a source of pride for every Azerbaijani. For many years, concentrating all resources, including economic ones, on this goal has led us to this victory," Mirkishili said. "Currently, large-scale reconstruction and construction work is underway in the liberated territories. No country in history has restored so heavily destroyed territories on its own expense."
"Azerbaijan successfully carries out this work precisely due to its own resources and human capital. Simultaneously with all this, economic reforms are expanding, the economic legislative base is improving, new stimulating laws are being adopted, and the economic position of our country is strengthening," the MP noted. "The eradication of separatism in the region has created significant economic opportunities for both our country and the region. Azerbaijan, playing a crucial role as a bridge between East and West, obtained a historic chance to maximize the benefits from these opportunities."
"The faith and trust in Azerbaijan and its leader allow us to successfully implement important economic projects on the international stage. The steps taken by Azerbaijan towards transitioning to a 'green' economy are an important indicator of our economy's rapid preparedness for future development," he mentioned.
Mirkishili pointed out that the new realities emerging in the region and the world also pose important challenges for Azerbaijan and the Azerbaijani people.
"A strong leader and a strong state are needed in order for Azerbaijan to maintain worthy positions on the international stage, always have a voice, ensure that every citizen of Azerbaijan lives safely and dignifiedly, and that our economy develops steadily, the MP emphasized."Azerbaijan, where political stability prevails, where the state has a leader trusted by the people and who is enjoying respect globally, is today's Azerbaijan, the one we want to see in the future."
"Preserving and further developing this reality will be possible only under the leadership of the strong leader of our people, President Ilham Aliyev. He has proven this through his work and the fulfillment of all his promises. I am confident that in these presidential elections, our people will realize their political will in favor of President Ilham Aliyev," he added.
On December 7, 2023, the President of the Republic of Azerbaijan signed a decree calling for an extraordinary presidential election in the country on February 7, 2024.
On December 19, the CEC approved the candidacy of Ilham Aliyev, nominated by the ruling New Azerbaijan Party (YAP), for participation in the extraordinary presidential election.
A total of 17 candidates have been registered to run in the extraordinary presidential election. Azerbaijan has seven registered presidential candidates.