Azerbaijan’s Economy Not to Depend on Oil and Gas Sector

From News Az

The statement came from President Ilham Aliyev.

‘We managed to diversify economy, avoid great dependence on oil and gas sector. In 2012 Azerbaijan’s nonoil economy rose by almost 10%’, the president said in his interview to Russian TV channel Rossiya24.

Development of the country’s large industrial complexes, according to Ilham Aliyev, will make it possible in the future to get rid of dependence on the oil and gas sector. This goal is expected to be achieved by the year of 2020, like many other ambitious goals that are part of the state program of “Azerbaijan-2020”.

Noting the dynamic growth of the economy of Azerbaijan, the President listed some figures. Thus, the real income of the population increased in 2012 by more than 10%, the inflation rate was about 1%.

Over the past 10 years, Azerbaijan’s economy grew by more than 3 times. According to Aliyev, the goal for the next 10 years is to double the GDP. And it is planned to achieve this through the development of the non-oil sector.

Economic competitiveness and reduction in unemployment remains a priority direction in development of Azerbaijan, the president said.

“Agriculture has a great potential in this sense”, he said “Agricultural development means further employment of the population”.

The President noted that the export potential of agriculture of Azerbaijan is big enough. In a year or two the country will come to full self-provision with basic foodstuffs, which will be followed by the process of entering foreign markets.

The President called the information and communication technologies sector a priority direction in technological development.

“If everything goes according to the plan, in February we will launch the first Azerbaijani telecommunications satellite”, he said. “We have created the space industry and are actively moving in this direction”.

The country continues to reduce unemployment, which was about 5.2% last year, and poverty dropped to 6%. Favorable business environment increases investment, the president said.

Investments in the amount of $22bn most of which are internal were invested in Azerbaijan’s economy in 2012.

Ilham Aliyev noted the expansion of Azerbaijani investments.

“Today this is essential since the Azerbaijani market is becoming smaller for our state investments”, the head of state said.

Among the investment projects which involve Azerbaijan, Ilham Aliyev primarily listed the petrochemical and oil refining complex in Turkey where about $17bn was invested.

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