Azerbaijan, Baku, May 3 / Trend, E. Ismayilov /
Azerbaijan's economy now accounts for more than 80 percent of that of the South Caucasus, chairman of the Parliamentary Committee on Economic Policy Ziyad Samadzade said during a scientific conference "Heydar Aliyev and Property Reform in Azerbaijan" today.
"Azerbaijan's economy only constituted 40 percent of that of the South Caucasus in the 1970s," he said. "The figure is over 80 percent now. This figure is quite large and it is the result of solid and thoughtful policy."
Among other economic achievements Samadzade mentioned where the external debt level, which currently is 7 percent of GDP and the budget deficit (1.5 percent).
He added that the country has also ensured its own energy security and the safety of cargo transportation. At present, Azerbaijan has seven alternative oil and gas pipelines.