The non-oil sector accounts for more than 70% of Azerbaijan’s GDP, President of the Republic of Azerbaijan Ilham Aliyev said during his speech at an event on the theme “Rebuilding Trust in a Fragmented World: The South Caucasus as a Pillar of Global Connectivity and Investment Stability,” held as part of the 2nd Azerbaijan International Investment Forum in Baku, APA reports.
The President said that oil and gas still account for more than 90% of Azerbaijan’s exports.
“If we look at the structure of GDP today, we will see that the share of the non-oil sector is already more than 70%. But when we look at our exports, we will see that more than 90% still comes from oil and gas,” the head of state emphasized.
President Ilham Aliyev noted that Azerbaijan needs to improve this situation and further diversify its economy.
“We hope that with the help of our guests and partners who decide to work with us, we will achieve this,” the President said.
The head of state said Azerbaijan’s financial capabilities allow the country to acquire almost any technology, except for classified technologies.
“We know which technologies we can acquire, and we are doing so. Today, because we have the financial capabilities, we can acquire almost any technology, except for classified technologies. This is very important,” President Ilham Aliyev noted.
The President said that experience in the oil and gas sector is a good example in this regard. According to him, when the first production-sharing agreement was signed in 1994, more than 90% of employees working for Western energy companies were foreign specialists.
“Now, the share of foreign specialists is probably around 5%. This has made a major contribution to the country’s development and capacity building,” the head of state emphasized.
President Ilham Aliyev said that many Azerbaijani citizens are now working globally in various countries around the world.
“We are pleased and proud that our representatives hold important positions,” the President said.
The head of state noted the importance of training qualified personnel. He said Azerbaijan’s literacy rate is close to 100% and significant work has been carried out in the field of education.
“Immediately after I was first elected President in 2003, we adopted a state program for young people to study abroad. Since then, thousands, perhaps tens of thousands, of young people have studied abroad. Most of them have returned to the country,” President Ilham Aliyev said.
The President emphasized that this has created potential that cannot be acquired with money.
“Of course, in terms of expertise, the best experience and advanced practices of leading companies are very important for us to move in the right direction. Our goal is to create in the sectors we have mentioned the environment that we have managed to establish in the oil and gas sector,” the head of state added.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
