The average annual inflation will decline to 5% in Azerbaijan in 2017 due to limited liquidity on the market, the World Bank (WB) said in its updated “Azerbaijan Partnership Program Snapshot” report. The report added, “Azerbaijan’s economy is likely to experience another year of negative growth in 2017 despite the anticipated recovery of oil prices, as oil production is not expected to increase and the non-oil sector continues to be affected by the government’s spending cuts and the banking sector distress. Non-oil sector growth will also remain weak”.
The export of Azerbaijani non-oil products increased by 32.5 percent in January-March 2017 compared to January-March 2016, Azerbaijani Deputy Minister of Economy Sahil Babayev said. He made remarks at the 4th International Caspian Energy Forum-2017 being held in Baku Apr. 12.”One of the main goals of the economic policy pursued by Azerbaijani President Ilham Aliyev is to diversify the economy, increase export potential and export of the non-oil products”, Babayev added.
The economic development was ensured, social problems were resolved, and the military build-up was carried out successfully in Azerbaijan in the first quarter of 2017, said President Ilham Aliyev. The president made the remarks at a meeting of the Cabinet of Ministers dedicated to the results of socioeconomic development in the first quarter of 2017 and future tasks. “The international situation remains tense. Unfortunately, conflicts are going on, new risks are emerging. All necessary measures are being taken to ensure
safety in Azerbaijan”, added Aliyev.
President of the Republic of Azerbaijan Ilham Aliyev has today received a delegation led by US Deputy Assistant Secretary for Energy Diplomacy in the Department of State’s Bureau of Energy Resources Robin Dunnigan. President Ilham Aliyev described the organization of ministerial meetings of the Southern Gas Corridor Advisory Council in Baku as a good tradition. Stressing The Importance of These meetings in terms of practical discussions, the head of state hailed this as a sign of successful execution of the project. The head of state said a lot Has Been done so far, adding That the project is approaching its final phase and he underlined the significance of Robin Dunnigan’s attending the third Ministerial Meeting of the Southern Gas Corridor Advisory Council two to take place in Baku tomorrow, describing this as the US government’s consistent support for the project. Dunnigan stressed the significance of the US delegation’s attending the event, describing this as the new US government’s evident support for the Southern Gas Corridor project and Europe’s energy security.
Turkey, Georgia and Azerbaijan must use potential and advantages for the expansion of economic integration, Faruk Ozlu, Turkish minister of science, industry and technology, said. Ozlu made remarks at the fifth Turkey-Azerbaijan-Georgia business forum in Istanbul Feb. 17. The minister added that Turkey, Georgia and Azerbaijan are located in the center of the world energy and transport corridor and are a ‘bridge’ between West and East due to the favorable geographical location and Ankara is ready to take any actions to strengthen trade and economic ties with Georgia and Azerbaijan.
The ongoing global economic crisis, the sharp decline in oil prices since 2014, and other external factors have eventually contributed to the creation of a qualitatively new macroeconomic situation in Azerbaijan, said Azerbaijani Finance Minister Samir Sharifov. Sharifov made the remarks during a discussion on the country’s draft state budget and the concept of socio-economic development for 2017 and the next three years in Baku on Nov. 30. The Minister also stressed that the macroeconomic stability remains the main objective and the state budget compression will continue. “The new economic changes, realities as well as strategic challenges faced by Azerbaijan were taken into account in the draft state budget for 2017,” he said. Moreover, certain financial provision was created in the state budget to continue the social-oriented policy, Sharifov added.
Iranian investments in Azerbaijan’s economy amounted to almost $1.2 billion, $145 million of which were invested in the country’s non-oil sector, Head of Azerbaijan Export and Investments Promotion Foundation (AZPROMO) Rufat Mammadov said. He made the remarks Nov. 10 at the “Investment opportunities of Azerbaijan and Iran” conference in Baku.