Weekly economic review (Jan. 21 – 25 )

Analysis Materials 28 January 2013 17:05

President Ilham Aliyev: Economy of Azerbaijan one of fastest growing in the world

Azerbaijan's development is very rapid, Azerbaijani President Ilham Aliyev said in an interview to CNN in Davos.

"We want to present ourselves broadly to international business community, particularly to those, who are not yet working in Azerbaijan," the President said. "We open our doors wide, and want to invite our friends and partners to invest and work in Azerbaijan."

On Tuesday, President Aliyev arrived in Davos to participate in traditional annual World Economic Forum. The President said that the Economic Forum in Davos is the best place, where the elite of international business and politics is presented. "Here you have the elite of international business. The representatives of major international companies are here, and therefore it is the best place to represent your country," President Aliyev said.

Speaking about the relations between BP and Rosneft and about BP's role in Azerbaijan, President Aliyev said that BP has been presented in the country since the very beginning of independence of Azerbaijan.

"The history of relations between Azerbaijan and BP has been going on for almost 20 years. This is a very friendly relationship, and it will continue for at least 20 more years, because the projects that we are now implementing jointly with BP are aimed at the future. I am not concerned with any other issues which BP is pursuing with other partners," the President said.

President Aliyev said Azerbaijan's economy is very stable, and the country was developing even in the years of economic crisis.

The Head of State added that Azerbaijan's economy is one of the fastest growing economies in the world.

"We managed to triple our GDP in less than 10 years, with more than 300 percent growth. And now the economy is more diversified, it is not only energy. So my main objective now is to attract investments into non-energy sector of Azerbaijan, particularly in high-tech, IT and services," Ilham Aliyev said.

Answering the journalist's question, President Aliyev said that from the economic point of view, the U.S. is much more stable than the EU.

The Azerbaijani President said the EU still has problems, as there are countries which big European countries have to take care of, and provide them with some financial assistance.

"This is not easy, it creates irritation even in those countries that are being supported. Therefore, taking it into account, I would say that from economic and political points of view, the U.S. looks much more stable than the EU," the Azerbaijani President said.