Caspian Energy Journal Caspian European Club
November 2018
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Monday, 27 November 2017 11:00

Investments worth over $20 bln were made into Azerbaijan’s economy

Investments worth over $20 bln were made into Azerbaijan’s economy

“The European Union is the main trade partner of Azerbaijan. It can be said that 50% of our trade falls to the share of trade with EU member states. Over the period of independence Azerbaijan’s economy has got investments worth over $20bln from the European Union. It points to the fact that we have a favorable investment climate. The European companies are ready to make big investments to support our economy. Azerbaijan has adopted declaration about strategic partnership with 9 EU member states. Azerbaijan’s economy is developing rapidly. Since 2004 the GDP increased over three times. We reduced the unemployment rate down to 5%. The external debt makes less than 20% of GDP. We have good credit ratings. The Davos World Economic Forum ranked our country 35 in terms of the competitiveness of the economy”, President of Azerbaijan Ilham Aliyev said while addressing the Eastern Partnership Summit, Caspian Energy News ( reports with reference to the press service of the President of Azerbaijan.

“The Southern Gas Corridor, a broad-scale energy projects, is successfully underway. The cost of the project makes over $40bln and it will let us produce additional volumes of natural gas and transport it from Azerbaijan to the European markets. A 3,500km long gas line will be a new route and supply gas to the European markets from a new source. Along with the energy security policy it also implies an energy diversification policy because gas to be produced at gas fields of Azerbaijan will be the only natural gas source for Europe. Of course it will considerably change the energy map of the European continent. Proven gas reserves of Azerbaijan make 2.6 trillion cubic meters which will suffice to transport gas to Europe in coming decades. Baku-Tbilisi-Kars railway is another significant initiative implemented by Azerbaijan together with neighbors. It connects Azerbaijan, Georgia and Turkey, ensuing thereby a new transportation line between Asia and Europe. It will be the shortest transport route which increases mutual trade turnover and lets many countries join this project. Thus, Azerbaijan has become a country linking Europe with Asia via the railway”, the Head of State said in the course of the Eastern Partnership summit.

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Person in charge of the newsline: Fidan Isayeva 

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