Azerbaijan’s economic reforms give tangible results: minister

Thu 08 June 2017 15:46 GMT | 19:46 Local Time

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Economic reforms implemented in Azerbaijan are already yielding tangible results, said Azerbaijan’s Economy Minister Shahin Mustafayev at the 3rd EU-Azerbaijan Business Forum in Baku June 8.

According to him, in January-April 2017, non-oil industry grew by 2.8 percent, with agriculture growing by 3.2 percent in Azerbaijan, Trend reports.

Mustafayev noted that Azerbaijan’s trade turnover with other countries rose by 11.5 percent during the period. Exports increased by 41 percent, including a 23-percent increase in non-oil exports, he said.

During the first four months of 2017, currency reserves of Azerbaijan increased by $1.3 billion and reached $39 billion, said the minister, adding that as of April 1, 2017, the reserves exceeded the foreign state debt by 3.2 times.

He said Azerbaijan ranked 37th among 138 countries in the Global Competitiveness Report for 2016-2017, and has been ranking first among CIS countries for several years.

The minister said Azerbaijan attaches special attention to development of human capital. The development of human capital is the main direction of social and economic policy pursued in the country under the leadership of Azerbaijan’s president, added Mustafayev.

He emphasized that political stability, rich natural resources, economic potential, favorable business and investment environment, modern infrastructure, favorable geographical location, rich culture, and being a reliable partner on international arena have turned Azerbaijan into a country attractive for investments.

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