Azerbaijan Should be Ready to Big Oil Revenues – Azerbaijan President
Azerbaijan, Baku, 12 January / Trend / WB stated that Azerbaijan would received $200bln to 2020 from oil sale, Ilham Aliyev, the Azerbaijani President, said during the conference of Cabinet of Ministers, dedicated to the socio-economic development of the state in 2007 and plans for 2008. The figure will be increased with the raise of the oil prices.
"We should be ready to such results and must prevent negative influences on the macro-economic situation in the country," the President said.
According to the President, Azerbaijan will not suffer financial problems in the future. The funds from oil export would be directed to upgrade development of the country, as well as modernization and import of advanced manufacturing sciences to use in all spheres of the country.
The exchange reserves total to $7bln in Azerbaijan. The exchange reserves of the country will be in creased depending on the oil prices in 2009. "We should use such opportunities, create strong industrial potential in order to develop multisided industry," the President said.
"We should develop non-oil sector in order to reduce the dependence of economic development from oul sector," the President stated.
The regions development program will be completed in 2008.
"A new program of development of regions should be developed for 2009-2013," the President added. So, all infrastructural projects should be completed and social issues should be settled to 2013.
Mr.Aliyev said that the functioning of the Azerbaijani Investment Company (AIC) would give positive results in 2008. Special negotiations have been held on the issue. However, no results have been observed so far, despite $100mln have been allocated for these purpose for two years. There are cases when some important spheres do not invested as private companies do not have an interest in the sphere. The key goal of AIC is to attract investments into the state sector. The State may allocate privilege credits if some company needs funds to draw investment.
"I hope that the functioning of AIC will succeed in 2008," the President stated.
In 2007 the state felt necessity to provide food security in the country. The increase of the cost of products in world market negatively affects on costs in Azerbaijan.