International

Azerbaijani President Aliyev: In recent years, Azerbaijan has invested billions of US dollars in its transport infrastructure

"We managed to create a favorable investment environment in our country. In the last 20 years, more than 310 billion US dollars have been invested in the economy of Azerbaijan, of which almost 200 billion US dollars are intended for the non-energy sector" - said Azerbaijani President Ilham Aliyev at the summit of the United Nations Special Programme for the Economies of Central Asia (SPECA), held in Baku on Friday, November 24, 2023, reports azertag.az.

"In recent years, Azerbaijan has invested billions of US dollars in its transport infrastructure and turned into one of Eurasia's transport and logistics hubs, located on the East-West and North-South transport corridors", said the head of state of Azerbaijan.

Ilham Aliyev highlighted that Azerbaijan's strong economy allows it to pursue an independent foreign policy.

As about the main indicators of economic development, the Azerbaijani head of state said: "In the last 20 years, the GDP of Azerbaijan has increased four times. Budget revenues increased more than 30 times, and foreign trade turnover - more than ten times. Azerbaijan's direct external debt is currently around 10% of GDP. The foreign exchange reserves are ten times higher than the direct external debt and the poverty rate has been reduced from about 50 to 5.5%”.

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