Caspian Energy Journal Caspian European Club
Wednesday, 30 January 2019 11:00

Azerbaijan economy develops at a record pace, Ilham Aliyev

Azerbaijan economy develops at a record pace, Ilham Aliyev

A conference dedicated to the results of implementation of "The State Program on socio-economic development of the regions of the Republic of Azerbaijan in 2014-2018" has been held. President of the Republic of Azerbaijan Ilham Aliyev attended the conference, Caspian Energy News ( reports with reference to the press office of the President of the Republic of Azerbaijan.

“Over the past 15 years the economy of Azerbaijan has developed at a record pace on a global scale, the gross domestic product grew 3.3 times. Industrial production increased 2.6 times. Our exports grew 4.7 times, and foreign exchange reserves increased 24 times to reach $45bn. It implies that despite the large investments in the regions of Azerbaijan, in the oil and gas sector and in the development of Baku we have managed to increase our foreign exchange reserves by 24 times. This enables us to look into the future with very high expectations. Today, the Azerbaijan economy is stable”, Ilham Aliyev said at the conference.

According to the head of state, large funds have been invested into Azerbaijan as a result of the successfully implemented policy. For 15 years, about $250 billion has been invested in Azerbaijan, and half of these funds are the foreign investments. “That is, Azerbaijan is a very attractive country for foreign investors. The investment climate in Azerbaijan is favourable for foreign investors”, Ilham Aliyev added.

“I would like to bring another fact to your attention. For the first time Azerbaijan appeared in the World Bank's Doing Business report in 2006, where it ranked the 98th place. As a result of the fundamental reforms carried out in the country and the improved investment climate Azerbaijan has ranked the 25th place in the world in the last report. It gives grounds to say that both local and foreign investors will keep on making large investments into Azerbaijan. Thus, these investments will continue to create jobs, new firms and develop our country”, the head of state said.

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Person in charge of the newsline: Olga Nagiyeva 


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