Azerbaijani President Ilham Aliyev: Investments to Azerbaijani Economy Comprised AZN 2.7bln in First Quarter of 2007

Business Materials 2 August 2007 17:26 (UTC +04:00)

Azerbaijan, Baku / Trend corr. S.Aliyev / Azerbaijani President, Ilham Aliyev stated during the meeting dedicated to the results of socio-economic development in the first quarter of 2007, that AZN 2.7bln was invested into the economy of the Azerbaijan Republic within the first quarter of 2007. According to I. Aliyev, some AZN 1.6bln of this sum was invested into the oil sector and AZN 1.1bln into the non-oil sector. "Our goal is to minimize the dependency of economic demands of the Azerbaijani population on the oil sector," President said. Some AZN 1.4bln from the total volume of investments belong to internal investment.

"Earlier, the volume of investments to the Azerbaijani economy made up 90%. The private sector made up the relevant part of internal investment. We should keep supporting the private sector," Ilham Aliyev said. Up until now, investments allocated by the State have comprised AZN 200mln.

"In 2008 it will be proposed to allocate credits by the State," the President concluded.