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President Ilham Aliyev’s vision outlines Azerbaijan’s sustainable economic growth

(MENAFN-AzerNews)

Ulviyya Shahin Read more

On April 24, 2024, ADA University hosted the international forum on the theme ‘COP29 and Green Vision for Azerbaijan.

President of the Republic of Azerbaijan Ilham Aliyev attended the forum and responded to questions from the participants of the event. The Azerbaijani President touched on many important points in his speech, mentioning various issues related to domestic and foreign policy, as well as Azerbaijan’s role in the global economy.

According to President Ilham Aliyev, Azerbaijan’s economy is effectively self-sufficient and shows sustainable growth even in times of crisis.

Commenting on the Azerbaijani President’s speech, British expert Neil Watson said in his remarks Azernieuws that Azerbaijan, under the leadership of national leader Heydar Aliyev and his son, President Ilham Aliyev, has pursued the most independent economic policies of any former Soviet republic since regaining its independence in 1991.

“This is of course due to the country’s significant oil and gas reserves, but also to the way its oil wealth has been managed since the signing of the Contract of the Century with a BP-led consortium in 1994. has enabled Azerbaijan retain much of the revenue from its hydrocarbons, explore new markets outside the former Soviet space and take advantage of the latest Western exploitation and transportation techniques, and other initiatives have preserved much of the wealth and served as a shock absorber the light of global economic crises and the maintenance of Azerbaijan as the economic powerhouse of the South Caucasus.”

Watson said the key factors are the successful maintenance of hydrocarbon revenues and the gradual diversification of the economy.

“Despite the decline in oil prices since 2015 and the increasing impact of renewable energy strategies around the world, the President has led initiatives to diversify the economy into many areas, including IT and tourism. Of course, the Azerbaijani-Armenian conflict and the housing of a million internally displaced persons ( In the post-war scenario, there is a lot of demining and reconstruction to be done, which will cost billions of AZN. This will eventually come to an end, and the liberated areas will also contribute to the Azerbaijani GDP.

“Adequate management of hydrocarbon wealth has been critical to minimizing external debt and achieving economic development goals. The Azerbaijani government always strives to achieve achievable programs and goals in many sectors, including IT and tourism, and always tries to implement Western technologies and methodologies.

Furthermore, it has a literate and educated demographically young population and is blessed with other environmental advantages including wind, solar and wave energy, as well as exemplary agriculture. Of course, further economic diversification is necessary, but the success in the liberation of Garabagh has proven that when the Azerbaijani government under President Aliyev formulates a strategy, victory will certainly follow,” the British expert added.

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