President Aliyev: Azerbaijan’s economic development model has already confirmed itself in world

Azerbaijan’s economic development model has already confirmed itself in the world, said President Ilham Aliyev as he addressed the meeting on economic issues.

“We have built a strong economy relying on our own resources. We have built an independent economy and are not dependent on anyone. Economic independence naturally gives us great opportunities at the international level, so that Azerbaijan can conduct an independent foreign policy with success, confidence, honor and dignity - as we have done and will do,” the head of state noted, News.Az reports.

According to the president, the economic development in the country has been at the expected level since the beginning of the year.

Noting that the country’s economic growth is 4.3 percent, the head of state added: “Analysing the current processes in the world and looking at the geopolitical situation in general, I can say that this is a very positive indicator. The economic growth rates surpass that of many developed countries.”



He pointed out that Azerbaijan’s primary goal is to further diversify its economy and enhance the sustainable development model.

“Inflation has been just over 1 percent since the beginning of the year, which is a very positive indicator. I have already declared that the minimum wage and minimum pension will be increased next year, despite inflation being at a very low level and the significant financial resources required for the tasks ahead, particularly for the development of the military and military-industrial complex and the restoration of Karabakh and East Zangazur. Nevertheless, we are doing our utmost to improve the welfare of our citizens, who are considered vulnerable,” the president said.

President Aliyev also revealed what Azerbaijan demands from foreign oil companies regarding drawbacks in oil production

“In recent years, the production of oil within the framework of projects being implemented by foreign oil companies has been declining year after year, which has naturally had a negative impact on our overall economic development rates, and we made up for this decline with the development of the non-oil sector,” he said.



“However, as a result of negotiations with foreign oil companies, the drawbacks in oil production were brought to their attention, we demanded that they eliminate these drawbacks and ensure the stability of oil production. Very hard work has been done in this direction in the last few months. As a result of this work, reasonable hopes have arisen that there will be no further unfounded declines in oil production,” the head of state added.

He stated that in terms of foreign debt ratio to the gross domestic product, Azerbaijan is among the world's leading countries.

“It accounts for only 7.5 percent, which allows us the opportunity spend less money on the repayment of foreign debt in the future,” President Aliyev concluded.

News.Az