(MENAFN- AzerNews)
Ulviyya Shahin Read more
On 24 April 2024, ADA University hosted the international forumthemed“COP29 and Green Vision for Azerbaijan.
President of the Republic of Azerbaijan, Ilham Aliyev, attendedthe forum and responded to questions from the event participants Azerbaijani President touched on many key points in his speech,mentioning various issues regarding domestic and foreign policy, aswell as the role of Azerbaijan in the global economy.
According to President Ilham Aliyev, Azerbaijan's economy isactually self-sufficient, demonstrating sustainable growth evenduring periods of crisis.
Commenting on the Azerbaijani President's speech, British expertNeil Watson stated in his remarks to Azernews thatunder the leadership of National Leader Heydar Aliyev and his son,President Ilham Aliyev, Azerbaijan has pursued the most independenteconomic policy of any former Soviet Republic since regaining itsindependence in 1991.
"This is, of course, due to the significant oil and gas depositsin the country, but also attributable to the way in which the oilwealth has been managed since the signing of the Contract of theCentury with a bp-led consortium in 1994. This has enabledAzerbaijan to retain much of the revenues accruing from itshydrocarbons, explore new markets beyond the former Soviet space,and benefit from the latest Western techniques of exploitation andconveyance. The SOFAZ state oil fund and other initiatives haveretained much of the wealth, serving as a shock absorber in theface of global economic crises and keeping Azerbaijan as theeconomic powerhouse of the South Caucasus."
Watson mentioned that the key factors are the successfulretention of hydrocarbon revenues and the gradual diversificationof the economy.
"Despite the decrease in oil prices since 2015 and theincreasing impact of renewable energy strategies across the globe,the President has led initiatives to diversify the economy intomany areas, including IT and tourism. Obviously, theAzerbaijani-Armenian conflict and housing one million InternallyDisplaced Persons (IDPs) have been a tremendous drain on theAzerbaijani economy. In the post-war scenario, there is muchdemining and reconstruction to do, which will cost billions of AZN, this will eventually end, and the liberated territorieswill also contribute to Azerbaijani GDP."
"Adept management of hydrocarbon wealth has been key tominimizing foreign debt and achieving economic development goals Azerbaijani government always seeks to realize achievableprograms and goals in many sectors, including IT and tourism, andalways seeks to implement Western technologies andmethodologies.
Furthermore, it has a literate and educated demographicallyyoung population and is blessed with other environmental benefits,including wind, solar, and wave energy, as well as exemplaryagriculture. Naturally, further economic diversification isnecessary, but the success in liberating Garabagh has proven thatwhen the Azerbaijani government under President Aliyev formulates astrategy, victory is certain to follow," the British expertadded.
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