Development of Economy Enable Azerbaijan to Strengthen its Position in Region: Azerbaijani President

Development of Economy Enable   Azerbaijan to Strengthen its Position in Region: Azerbaijani President

Azerbaijan, Baku, 11 January / corr Trend I.Khalilova, S.Aliyev / In 2007, the Gross Domestic Product (GDP) increased by 25%. Thus, over the past 4 years as a result of the economic reforms, the economic growth of Azerbaijan made up 96%, which has no precedent in the world, Ilham Aliyev, the Azerbaijani President, said while addressing a meeting of the Cabinet of Ministers dedicated to the social and economic result of the country in 2007 and tasks set for 2008.

According to the Azerbaijani President, industrial rise in the country made up 24%. The major part of the energy projects in Azerbaijan is complete, which means for the completion of investing in the oil and gas projects, there will be cut in the capital investing. Nevertheless, in 2007 the amount of investments in the country's economy exceeded $6bln and the major part were the domestic investments. "It shows that the Azerbaijan's domestic opportunities have increased and investments put through the government as well as the private sector have risen," the head of state said.

Over the past 4 years, there is 10 times increase in the public expenses in the Azerbaijan, and in the aggregate budget for 2008- it equals to $12bln. It makes the country's economy more independent, provides the additional opportunities and by this way- Azerbaijan considerably consolidates its position in the region.

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