Azerbaijan, Baku, April 12 / Trend, E. Ismayilov /
Azerbaijan is one of the few countries that were able to attain economic development while using its natural resources, head of the Azerbaijani State Oil Fund (SOFAZ) Shahmar Movsumov said during the I World Forum of the Moscow State International Relations Institute (MGIMO) in Baku today.
He added that there are many countries in the world that have oil and gas reserves and other natural resources, but most of them have huge problems with development.
"There are only a few countries in the world that can boast that they achieved rapid and accelerated development in the shortest possible period while using their resources," he said. "Azerbaijan is one of those countries."
He stressed that the progress made by Azerbaijan, is the result of the president's economic policy.
All possibilities are used to turn the country into one of the most successful countries and a leader in the region within a very short period.
The main purposes of the fund are the accumulation of funds and the placement of these fund's assets abroad to minimize negative trends in the economy by preventing 'Dutch disease'. This ensures savings for future generations and the continuity of the country's current socio-economic standard.
SOFAZ was established in 1999 with assets of $271 million. As of Jan. 1, 2013, SOFAZ's assets hit $34.1 billion.