Last week review (April 27-May 1)

Analysis Materials 5 May 2015 11:20 (UTC +04:00)

April 28

Azerbaijan's economy stands strong even after oil prices' fall, president says

Azerbaijan's economy stands strong even after oil prices fall, said Azerbaijani President Ilham Aliyev, speaking at the opening of the 3rd Baku Global Shared Societies Forum in Baku. "During the last 10 years, Azerbaijan's economy grew more than three times, we managed to diversify the economy and reduce the dependence on the energy sector," said Ilham Aliyev. "The energy sector makes up only about 30 percent of our GDP."

The Azerbaijani president said that the country's policy of diversification led to a substantial progress and even now, with the fall of the oil prices, Azerbaijan's economy in the first quarter of this year grew more than 5 percent.

Ilham Aliyev said that Azerbaijan managed to protect itself from the volatility of the oil prices, by implementing diversification policy, investments, creation of modern infrastructure and good business climate.

The presidents, prime-ministers, foreign ministers, former presidents of some countries, representatives of 72 countries attended the forum.

April 30

Azerbaijan, Belgium discuss promising areas for business cooperation

Azerbaijan and Belgium need to expand cooperation in the field of investment, industry, agriculture and other non-oil sectors, Deputy Minister of Economy and Industry of Azerbaijan Sahil Babayev said during Azerbaijani-Belgian business forum held in Baku.

"Co-operation with Belgium, which is one of the most developed countries of Europe, will be a huge advantage for Azerbaijani businessmen," Babayev said.

He noted that the joint business forum, as well as bilateral meetings between representatives of Azerbaijani and Belgian companies are an excellent chance to expand the business relationship.

May 2

Ashgabat, Baku collate positions over gas supply to Europe

Turkmenistan's President Gurbanguly Berdimuhamedov received Azerbaijani Minister of Energy Natig Aliyev, the Turkmen government said.

The two sides discussed the prospects of expanding the partnership in the strategic fuel-energy sector. They also discussed expansion through the implementation of new joint projects for laying transit gas pipelines, in particular, for natural gas supplies from the Caspian region to Europe.