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Minister: Azerbaijan to become net foreign investor in medium-term outlook

Business Materials 11 February 2011 21:39 (UTC +04:00)
The World Bank (WB) predicts that in the medium-term outlook, Azerbaijan will become a net foreign investor, the minister of economic development Shahin Mustafayev said in an article published Friday in the official press.
Minister: Azerbaijan to become net foreign investor in medium-term outlook

Azerbaijan, Baku, Feb. 11 /Trend, I.Khalilova/

The World Bank (WB) predicts that in the medium-term outlook, Azerbaijan will become a net foreign investor, the minister of economic development Shahin Mustafayev said in an article published Friday in the official press.

"During 2010, the strategic currency reserves have grown by nearly 50 percent, reaching $29.1 billion, which is a strong guarantee for the sustainable development of the country," said the minister.

On the backdrop of ensuring the effective use of strategic reserves, the country has implemented a conservative strategy for external borrowing. According to the minister, total external debt of the country, taking into account the borrowing by the private sector and public debt, amounts to $9.5 billion.

"The currency reserves are three times higher than this figure, and this is one of the main indicators of macroeconomic stability in the country in the context of the global crisis," said the minister.
He said Azerbaijan, recognized internationally in a qualitatively new status, shifted from a group of low-income countries to the group of middle-income countries.

"The favorable investment climate in the country played an important role in attracting domestic and foreign investments, Mustafayev said. - And as a result, last year's investments in the country's economy grew by 19.2 percent, amounting to 12.4 billion manat, or $15.5 billion. At the same time, 7.5 billion manat or $9.3 billion in investments accounted for non-oil sector. "
As part of the state investment policy, 4.2 billion manat was invested in the national economy, thereby creating the necessary infrastructure for dynamic economic development.

Another noteworthy point is that Azerbaijan has enough resources to implement projects that serve the overall development, improve social welfare and living conditions.

"For this, the country does not feel the need of any foreign funding or technical assistance, Mustafayev said. - The real proof of this is the realization of one of the major infrastructure projects in the country, financed from own capabilities of Azerbaijan - the construction of Oguz-Gabala-Baku water pipeline, which was commissioned on Dec. 28 last year. "

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