Azerbaijan’s head: Future is innovation, efficiency, good governance, management, transparency and state support to entrepreneurship

24.01.2018,11:35


January 24, Fineko/abc.az. Azerbaijani President Ilham Aliyev attended the interactive session on "Strategic Outlook: Eurasia" in Davos as part of the World Economic Forum on 23 January.

During the session President Aliyev stated that diversification of economy is our country’s main objective.

“When we experienced a dramatic drop in oil prices I said in Azerbaijan that for us a post-oil period has already started. Therefore, we introduced very serious reforms, which already brought good results. Non-oil sector of our economy grew almost 3% last year, and non-oil industry almost 4%. Now the price of oil goes up. But it will just increase our reserves. We managed to optimize our expenses, and last year still the price was low, but we earned 4.5 billion dollars more, which added to our reserves. That means that even with low prices we will be on the safe side. Our budget of this year is based on 45 dollars per barrel. Therefore, whatever is more than that will go again to the sovereign fund,” the head of state said.

The country’s leader underlined that oil and gas will continue to be the main part of our economy. Though, already today non-oil sector is about 70% of Azerbaijan’s GDP.

“Our target is to diversify our exports, to increase the level of non-oil products in our export portfolio. So, future will be not in oil and gas. Oil and gas will come to an end one day. Future is innovation, efficiency, good governance, management, transparency and state support to entrepreneurship,” President Aliyev emphasized.

 

 

Ключевые слова: Ilham Aliyev Davos World Economic Forum