Azerbaijan’s non-oil sector will flourish in 2017-2018, Azerbaijani President Ilham Aliyev said.
The president made the remarks during his meeting with a delegation of the "Movement of the Enterprises of France” (MEDEF) in Baku May 11.
He said that state and private investments have already been planned, and infrastructure projects will also remain a priority.
“We expect foreign investments in spheres of our interest. We need to find a balance between the interests of investors and those of our country. I think to date we have managed it,” President Aliyev said. “However, 2016 will be the year of a new economic situation. As I have mentioned, we have entered a post-oil period. We can not say that the era of oil and gas is over. Simply, we need to set aside this factor and develop our economic strategy as if the country lacks oil and gas.”
The head of state noted that the experience of developed countries without rich energy resources, including France, is a good example in this respect.
President Aliyev expressed his confidence that Azerbaijan’s dependence on oil and gas will significantly reduce in the coming years.
According to the president, Azerbaijan’s economy has been affected by the fall of oil prices.
“This is in large part due to the revenues we had earned previously. And now our revenues have dwindled by three or four times in parallel to the prices that also fell by three or four times. We want to compensate it through enhanced economic reforms and by paying more attention to the non-oil sector which makes nearly 70 percent of the country’s GDP,” he said.
President Aliyev went on to add that at present the financial situation in Azerbaijan is stable and budget revenues are at a good level.
Azerbaijan
12 May 2016
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