Minister: Azerbaijan's share in regional economy exceeds 75 percent
Azerbaijan, Baku, Sept.17 / Trend N. Ismayilova /
Azerbaijan's share in the economy of the South Caucasus is over 75 percent, Economic Development Minister Shahin Mustafayev said today during his speech at an international conference on the Azerbaijani model of economic development in Baku.
"Although there is a recession in many countries due to the global economic crisis, macroeconomic stability, economic growth and poverty reduction have be seen in Azerbaijan during this period," he said. "All ofthis took place thanks to activities held in the years before the crisis, including entrepreneurial support, investments in the real sector, and maintaining a stable exchange rate of the manat."
Mustafayev added that Azerbaijan has an independent and stable economy, relies on its own resources, and is rapidly integrating into the international community.
"Macroeconomic stability will be preserved to ensure economic growth, and systematic measures will be held to strengthen energy, environment and food security, to expand the country's diversification, to improve the business environment and to support the development of the agrarian sector."
According to Mustafayev, his policy is aimed at developing human capital and bringing the level of unemployment in the country to a minimum, as well as reducing poverty and increasing social expenditures in the public budget to improve living standards.
He noted that Azerbaijan's strategic currency reserves exceed $26 billion, which is eight times more than the public debt. Azerbaijan has trade relations with 140 countries and over 40 percent of the trade turnover falls to the EU. In 2004-2009, the country's GDP grew 2.8 times.