Azerbaijan’s successful development model will further strengthen our economic independence. Against the background of geopolitical tensions and growing uncertainties in the global economy, the continued development of Azerbaijan’s economy is the result of the country’s ability to adapt its economic policy to the requirements of the time and use the existing opportunities.
Day.Az reports that Sevil Mikayilova, deputy of the Milli Majlis, Vice-President of the Inter-Parliamentary Union (IPU) from Azerbaijan, said this in her statement to AZERTAC.
“Despite the current global economic difficulties, Azerbaijan’s gross domestic product (GDP) has grown by 4 percent, the non-oil sector by more than 6 percent, and the non-oil industry by more than 7 percent, and the current positive dynamics are expected to continue in the coming years. shows that Azerbaijan, which has already proven itself as a reliable oil and gas supplier in the world, is also taking important steps towards the development of the non-oil sector and intends to become a reliable partner in this sector by developing the green economy “It is not that today leading companies such as ACWA Power and Masdar are implementing important green energy projects in Azerbaijan and expressing their intention to further expand their business in our country,” he stressed.
S. Mikayilova noted that the expansion of Azerbaijan’s gas export geography is an important factor that increases the rate of economic growth. “Currently, Azerbaijani gas is exported to 12 countries, and in the future we will witness a further increase in the number of our natural gas buyers in Europe through interconnectors. On the other hand, the expansion of the export geography ensures the entry of leading European oil and gas companies into the Azerbaijani market. conditions its position in the market to become stronger and stronger,” said the deputy.
Speaking about the country’s financial situation, Sevil Mikayilova emphasized that despite spending large amounts of money on large-scale reconstruction works in Karabakh and East Zangezur, an increase in foreign exchange reserves is observed. “Currently, Azerbaijan’s foreign exchange reserves are 72 billion dollars, which means an increase of more than 5 billion dollars during the year. This is a confirmation of a successful approach to the proper management of reserves. In addition, it can be said with certainty that the steps taken to reduce our foreign debt are the most developed countries in the world. Azerbaijan’s foreign debt is only 7.2 percent of GDP, and our foreign exchange reserves are 14 times more than the country’s financial policy it is a clear example of successful reforms carried out in the direction of ensuring stability and economic independence,” he said.
According to the deputy, Azerbaijan’s economic development does not depend on one sector, but is a sustainable and balanced economic policy based on various fields and is an indicator of economic independence that is becoming stronger: “This independence, along with the development of the non-oil sector, industry, agriculture and service sectors, also contributes to the energy security of the country. and diversification of the economy, the increasing share of the non-oil sector in the GDP, the expansion of the export geography, and the strengthening of local production have contributed to the external effects of Azerbaijan. This approach supports the high growth rate observed in the economic indicators and acts as one of the main factors that ensure the development of the economy in the future. and is further strengthened based on the model of sustainable development”.