'Azerbaijan’s main target - to diversify economy, invest foreign capital, create sustainable opportunities for growth'

  26 April 2019    Read: 1049

Azerbaijan’s main target is to diversify economy, to invest foreign capital and to create sustainable opportunities for growth, Azerbaijani President Ilham Aliyev said.

President Aliyev made the remarks at the Second Belt and Road Forum for International Cooperation in Beijing on April 26. 

“During the last 15 years our economy grew more than three times,” the president said. “$260 billion investments helped us to modernize the country and create a modern infrastructure including the infrastructure in transportation. Azerbaijan has a very low foreign debt around 19 percent of our GDP and our reserves are bigger than foreign debt five times. This year’s economic performance of Azerbaijan demonstrates growth, GDP grew 3 percent, inflation risk 2.1 percent and diversification of economy is one of our main objectives.”

“Azerbaijan has vast oil and gas reserves,” he said. “We build multiple pipelines to transport our oil and gas to international markets and our main target is to diversify economy, to invest foreign capital and to create sustainable opportunities for growth. As far as diversification is concerned, primarily our attention is aimed at development of industry, agriculture, tourism services and information communications technologies.”

“Infrastructure projects are very important for us and we used our financial resources to invest in creation of modern infrastructure,” he said. “Gas supply level of Azerbaijan is 95 percent. Azerbaijan is a country which exports electric energy, oil, gas and of course investments in transportation sector are one of our main priorities.”


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