He made the remarks Feb. 12 at the Energy Security Roundtable as part of the Munich Security Conference.
Oil and gas amount 90 percent of Azerbaijan’s exports, the head of state said, noting that the main task for the coming years is to diversify the export potential.
“In this situation, we, of course, need to continue economic reforms, create a better environment for the private sector, attract more investments and launch a large-scale privatization program. All of these elements have already been announced as our state policy, and I am confident that we will succeed,” said Aliyev.
With regard to the existing political risks, the Azerbaijani president said this question depends on countries.
“Each country has its own political situation and difficulties. Of course, the economic situation and the daily lives of people affect stability and development. However, I believe the awareness of constant volatile nature of oil prices is the most important point. We lived in a period of high oil prices, and are now living in a period of low prices. The most important thing for us is to continue these reforms when the oil prices rise again and as far as possible to reduce dependence on oil and gas,” he stressed.
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