Ilham Aliyev: large-scale reforms created a favorable investment climate in Azerbaijan

By the end of 2030, the foreign debt of Azerbaijan will decrease to 10% of GDP from the current 17.3% GDP. This, in particular, said the President of Azerbaijan Ilham Aliyev, speaking at the XV summit of the Organization of Economic Cooperation.

“Over the past 18 years, the economy of Azerbaijan has rapidly developed, the country’s GDP rose more than three times,” said Ilham Aliyev.

According to the head of the Azerbaijani state, a favorable investment climate has been created in Azerbaijan as a result of large-scale reforms: “According to the World Bank’s report, Doing Business, Azerbaijan ranks 28th among 190 countries. Investments in the economy of $ 280 billion, half of which are foreign investments. “

“Strategic currency reserves of Azerbaijan exceed external debt 6 times. External debt is only 17.3% of GDP. By the end of 2030, we plan to reduce this figure to 10%,” noted Ilham Aliyev.

The head of state also noted that over the past 18 years, the level of poverty in Azerbaijan has decreased from 49 to 6%, the unemployment rate is 6%.

“Achievements of Azerbaijan are highly assessed by international organizations. According to the World Economic Forum report, Azerbaijan takes the 10th place in the world in the long-term government strategy and the 5th – on the country’s commitment to reforms. According to the same report, the country is 2nd place In the world in this criterion, as access to electricity, the 11th place – on the efficiency of rail services, 12th – on the efficiency of air transport services, 25th – on the efficiency of seabed services and the 27th place – on the quality of road infrastructure “,” Ilham Aliyev emphasized.