The head of state noted that base price of oil in the state budget for this year is $25: “Today, the oil price is twice as expensive. I think we’ll get out of this situation with minimum loss. Azerbaijan is pursuing a policy of economic diversification. Therefore, the oil makes up 33 percent of GDP. We have achieved diversification of GDP and reduced dependence on oil price. We would like to enter the European markets with competitive products”.
President Ilham Aliyev noted that there is a favorable investment atmosphere in Azerbaijan: “Azerbaijan ranks first for per head GDP among the post-Soviet countries. $200 billion has been invested in Azerbaijan so far. Half of this was foreign investments. In spite the crisis in Europe and other countries, we are still able to attract investments to the oil and gas and other spheres. We could reduce unemployment rate to 5 percent. We have collected a large volume of currency and gold reserves. Therefore, we got maneuver opportunities while oil prices declined sharply”.
Azerbaijan reduce dependence on oil price – Ilham Aliyev
25 October 2016
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Sharp decline in oil price reduced Azerbaijan’s revenues, Azerbaijani President Ilham Aliyev said at the Azerbaijan-Croatia business forum.
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