President: $5 billion invested in Azerbaijan’s economy this year

“In order to achieve all successes, we must have strong economic potential. I’m satisfied with indicators of the six months. Our non-oil economy increased 1.7% in the six months. This is good indicator. I’m particularly noting non-oil sector. Because the indicators of the Gross Domestic Product (GDP) are mainly related to oil production and oil price. And it is changing. Therefore, this cannot be accepted as a main factor to assess the works we did”, the president said at the meeting of the Cabinet of Ministers dedicated to results of socio-economic development in the first half of 2017 and objectives for the future.

The head of state assessed the 1.7%-increase in non-oil sector as a result of economic reforms: “I think this is very significant indicator. The non-oil industry increased a lot more – 4.4%. I think this is also the best possible indicator. This shows that the reforms and our policy yield results”.

According to the president, $5 billion was invested in economy during six months: “Today, investing is declining in almost all countries because of financial problems. However, investments are made in Azerbaijan and major part is foreign investments. That’s, Azerbaijan is very attractive county for foreign investors. Why? Because we have good investment environment and Azerbaijan is a stable country. Number of countries, in which stability have been ensured, decreases. Therefore, I’m sure that more investors will choose Azerbaijan in the future”.

Speaking about launch of 122,000 jobs since the beginning of this year, the president added that 101,000 of them are permanent: “I must note that 24,000 jobs have been cut due to objective and subjective reasons. This is, in fact, a continuous process. However, when we look at the figures (lunched jobs - 122,000, cut jobs – 24,000), we see that the process of launch of new jobs is successful. Therefore, unemployment in Azerbaijan is at the low level”.

The president also noted that indicators of foreign trade turnover are also positive: “the export increased 36% in the six months. The main issue in here is the non-oil export. Non-oil export increased 27%. These are results of works we did. Along with this, the import declined 15%. Positive balance makes up $1.9 billion. I think these results are desirable for each country. Agriculture grew 2.2%”.

“These are the best indicators in a global scale. This was achieved in a country which depends on energy factor. This was achieved in a country, of which revenues declined 3-4-fold during past two years. These are our policy, reforms and achieved results”. APA