Weekly economic review (25.01- 30.01.2010)

Analysis Materials 3 February 2010 12:04 (UTC +04:00)

Azerbaijani President Ilham Aliyev attended the 40th World Economic Forum on the theme "Improving the state of planet: rerealizeing, replaning and rebuilding the world" in Davos Switzerland.

Over 2,500 representatives from 100 countries, including heads of state and government, representatives of the famous companies, economists, experts, heads of international organizations and mass media are attending the forum. Attending the forum were political leaders of France, Spain, Brasil, Poland, SAR, Mexico, Isreal, Azerbaijan, Columbia, Slovenia, and others.

Aliyev also attended the meeting on the theme "Global energy view" on January 28. President spoke about the work done in the field of energy in Azerbaijan.

Participation of a country, which holds a recognized role in ensuring the international energy security, in such a global event is almost. Ilham Aliyev attended a session Global Energy Prospects, which focused on seeking win-win approaches to energy security both to energy producers and consumers. Despite the significant fall in energy prices after they reach a pick in 2008, there is increased threat with regard to energy security. All are first of all concerned on establishing safer and more stable world energy system. Azerbaijan's viewpoint as an energy supplier and transiter in this dispute was of course of much interest.

Speaking about the country's role in the global energy security Ilham Aliyev said Azerbaijan had implemented projects of international importance due to the right policy and with the joint effort of the partners. Azerbaijan's energy resources are transported in various directions. Pipeline infrastructure has been established for this purpose.

The president emphasized the Azerbaijan's increasing role in the world natural gas market and said there were quite enough confirmed gas fields in the country. "Azerbaijan is exporting natural gas to the neighboring countries currently despite that natural gas output of some of those countries is much more than Azerbaijan. We will develop diversification of gas export."

Regarding the energy cooperation between Azerbaijan and Russia, the Head of State noted that the relations between the two countries have a large history and good results.

President Aliyev spoke about the economic development of Azerbaijan and said it became one of the most rapidly developing countries of the world in the past six years. "As a result of reforms, the economic development is provided on the basis of market principles. Private sector has 85% share of the country's GDP. Despite the crisis, Azerbaijan continued its development in 2009. GDP rose 9.3% and industrial production - 8.6% in Azerbaijan last year. The national currency of Azerbaijan didn't fall in price as well".

Other speakers to the session were bp CEO Tony Hayward, Saudi Aramko president Khalid al-Fatih, Royal Dutch Shell Board Chairman Peter Vozer, The Dow Chemical Managing Board Chairman Andrew Liveres, Total Board of Directors Chairman Tierry Desmartes.