Only countries with strong economy can pursue an independent policy, President of Azerbaijan said during his inauguration ceremony on April 18, APA reports.
“If you depend on someone – on either credit or other country – then you will never be able to pursue an independent policy. Therefore, we tried to achieve economic independence and we have achieved this. Now we don’t need any credit. We give credits ourselves,” said the head of state. “Our state debt accounts for about 20 percent of GDP. I set myself a goal to put our state debt to a much lower level.”
Azerbaijan’s economy has increased 3.2 times over the past 15 years, said President Aliyev, noting that ‘oil factor takes a special place in this indicator.’
“Our non-oil exports have increased over fourfold. Industrial production has increased 2.6 times, currency reserves rose 24 times and today it makes up $44 billion. Over $230 billion have been invested in our country. There is a very good investment climate in our country,” the head of state added.
He recalled that the World Economic Forum in Davos ranked Azerbaijan 35th in the global competitiveness rating.
“Azerbaijan ranks third on the economic index among developing countries. This shows that successes gained in the economic sphere are a historic achievement. Today Azerbaijan’s economy is developing,” said the president.
President Aliyev stressed that the development of the non-oil sector is ensured in Azerbaijan.
“In the coming years we must make efforts to ensure the stable development of our economy and reduce dependence on the oil and gas factor,” he added.