Over $350 billion invested in Azerbaijan’s economy in the past 20 years, says President Aliyev

We have attracted over $350 billion in investment into our economy over the past 20 years, with almost half — $170 billion — coming from foreign sources. Creating an investment-friendly business climate was one of our key objectives, and it has largely been achieved, Azerbaijani President Ilham Aliyev said at the Azerbaijan–Latvia business forum in Baku on Wednesday.

“Our plan, based not only on our aspirations but also on signed, legally binding contracts, is to have 8 gigawatts of solar, wind and hydropower capacity by 2032, and this is entirely realistic. We will largely replace natural gas used for electricity generation with renewables. This will allow us to save several billion cubic metres of gas, which is in high demand on international markets,” the president emphasised, News.Az reports, citing AZERTAC.

“The reduction of foreign debt — I believe this plan has been implemented. Our foreign debt stands at 6.1 per cent of GDP,” he said.

“Our currency and gold reserves exceed our foreign debt by more than 18 times. In other words, we could reduce our external obligations to zero within a couple of months. However, there is strong demand for additional investment,” President Aliyev added.

News.Az