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Azerbaijan needs to cut oil dependence to lowest level, not to depend on oil prices, says president

Azerbaijan needs to cut oil dependence to lowest level, not to depend on oil prices, says president

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Date: 10 January 2016 19:57

Baku, Azerbaijan, Jan. 10

Trend:

In 2015, Azerbaijan’s GDP increased by more than one percent, industrial production rose by 2.4 percent and non-oil industry grew by 8.4 percent, said Azerbaijani President Ilham Aliyev on Jan. 10.

“This makes me very happy, as it shows the development of the non-oil sector in recent years. This is the result of reforms, and I believe the 8.4-percent growth in the non-oil industry is our main achievement,” said Aliyev addressing a Cabinet of Ministers' meeting on the social and economic development in 2015 and the objectives ahead.

“Last year, the Azerbaijani economy received about $20 billion of investments. Half of them are foreign investments and this is a positive factor. Azerbaijan, as an attractive country, presents its potential to foreign investors,” added the president.

He further said that other economic indicators too are demonstrating a positive dynamics.

“Taking into account all of those geopolitical and economic factors, achieving an economic development in 2015 is a great attainment itself,” President Aliyev noted.

In his speech at the meeting, the president also said that theeconomy's diversification and development of the non-oil sector will be the main priorities of the economy in 2016.

“I am sure we will have even greater success this year in this direction,” he said. “In general, the structure of our GDP changes in a positive way. The weight of non-oil sector is growing.”

“Dependence on oil is decreasing, but we must reduce this dependence to the lowest level, in order not to depend on oil prices in the future. That is the objective,” added President Aliyev.

“I believe that as a result of a well thought-out policy and hard work, we will be able to achieve this,” said the president. “This year, we should attract foreign investments in Azerbaijan in a larger volume.”

The president further said a fight for foreign investments isgoing on today on the global scale, adding that howeverAzerbaijan is an excellent country for foreign investments and that foreign investments are being protected here.

“It is true that investments are made in a greater volume in the oil and gas sector, but foreign investments in the non-oil sector as well have been made in recent years,” he noted.

“We should try to attract foreign investments to our country and, in particular, to the non-oil sector, to those areas, the development of which will in turn lead to a strengthening of our export potential and reduce dependence on imports,” President Aliyev further said.

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