Caspian Energy Journal Caspian European Club
Wednesday, 24 January 2018 11:00

Ilham Aliyev: Diversification of the economy is our major goal

“In 2017, the non-oil sector of our economy grew about by 3%, and the non-oil industry rose by 4%. I would like to note that diversification process has already started and we do not intent to delay it. Diversification of the economy is our major goal”, President Ilham Aliyev said at the World Economic Forum session “Strategic view: Eurasia” held in Davos,Caspian Energy News ( reports with reference to the press service of the President of Azerbaijan.  

“Oil prices are rising at present, which will simply increase our reserves. We have optimized expenditures. Despite the fact that oil prices were still low last year, we managed to increase our reserves by another $4.5bln, which means that there is no reason for concern even if the oil prices are low. The oil price has been set at the $45 level in the 2018 budget and all funds, which are gained excessively, will be placed in the Oil Fund. The non-oil sector of the country makes almost 70%. Our goal is to diversify the export and expand the list of non-oil products meant for export. Over the last 15 years we have drawn investments worth $230bln. Half of them are foreign investments while the other half account for domestic investments”, the Head of State continued.

“The poverty and unemployment rates make 5.4% and 5% respectively. Over the last 15 years our population size increased by 1.5mln people and creation of the working places is a permanent process for us. We opened 177,000 permanent working places in 2017”, Ilham Aliyev added.

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 Person in charge of the newsline: Fidan Isayeva

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