“Oil makes only 30 percent of our Gross Domestic Product (GDP). We want our export operations also to make the same. But we have not achieved it yet”, President of Azerbaijan Ilham Aliyev said at the Energy Security Roundtable as part of the Munich Security Conference.
The head of state said that the main objective for the next years is to diversify the export potential, noting that 90 percent of Azerbaijan’s export makes oil and gas: “At this point, we must continue the economic reforms, create better condition for private sector, involve more investments and start large-scale privatization program. All of these elements have already been stated as our state policy and I’m sure that we’ll be a success”.
Regarding political risks, Azerbaijani President noted that this is an issue depending on the countries: “Each country has unique political situation and difficulties. Of course, the economic situation and daily life of the people affect political stability and development. But I think that it’s important point to understand that the oil price is changeable. We lived in the period of high oil price, now when are living in the period of low price. The most significant for us is to continue these reforms when the oil price rises and reduce dependence on oil and gas as much as we can”.
We must reduce our dependence on oil and gas as much as we can
12 February 2016
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