Finance

Home page

Finance

Baku hosts international conference on â€œAzerbaijan model of economic developmentâ€

17 September 2010 11:16 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. An international conference on Azerbaijan model of economic development was held in Baku, with the organizing of Regional Development Center in Azerbaijan.

RDCA chairman Chingiz Ismayilov says though it was global financial crisis over the world, the fulfillment of several state programs and projects was continued successfully.

According to Minister of Economic Development Shahin Mutafayev the economy of the country develops quickly and the GDP decreased by 16.5%, foreign trade turnover by 42%, populationâ€™s revenue by 3.3 times, salaries by 5.7 times in 1991-1994. Despite, the GDP has already approximately increased by 90%, currency stock by 85 times, salaries by 5.1 times, agriculture by 53.9 times, foreign trade turnover by 4 times, inflation decreased to 2.3% in 1995-2003.

Minister has also noted tha Azerbaijan has constructed 2 000 schools in the last 6 years.

S. Mustafayev says that Azerbaijanâ€™s trade relations with 140 countries rose by 2.9 times. $ 80 bln was invested in Azerbaijanâ€™s economy so far. 900 000 work places were launched.

Minister of Industry and Energy Natig Aliyev says that Azerbaijan has produced 50.4 mln tons of oil and 23.6 cbc of gas, in 2009.

SOCAR vice-president Khoshbakht Yusifzadeh informed about the oil-gas history of the country and noted that Azerbaijan produced oil in 1847 for the first time.

He also noted that Azerbaijan exports gas to Turkey, Russia, Georgia and will export to Greece and Italy in the future.