Finance

Finance

Minister Shahin Mustafayev: â€œ$120 bn invested in Azerbaijanâ€™s economy so farâ€

07 February 2012 14:34 (UTC +04:00)

Minister of Economic Development Shahin Mustafayev says, for the last 8 years the economy of Azerbaijan has increased by 3 times, the non-oil sector - by 2.2 times, industrial production - by 2.7 times, agriculture - by 1.3 times, the construction sector - in 3.2 times, the transport sector - by 2.3 times, communication and information - in 6.4 times, foreign trade turnover - 7 times, import - 3.7 times, export - 10.3 times the poverty rate declined from 44.7% in 2003 to 7.6% in 2011.

â€œThanks to favorable investment and business environment created in Azerbaijan, investment in the country’s economy in 2011 amounted to $ 20 billion, including $7 billion foreign, $ 13 billion - domestic investment. 15.7 billion dollars of investment fell on share of the non-oil sector, 4.3 billion - the oil sectorâ€, added Mustafayev.

He also said that in 2012, construction and repair works would be carried out in 424 schools in the republic, including 99 schools in Baku,. The Minister stressed that in 2011, as part of the state programs of socio-economic development of regions and settlements of Baku, 164 schools, 67 kindergartens, 29 health facilities, 70 cultural sites were built and repaired in the country.