Azernews.Az

BAKU – Azerbaijan has turned into an economic giant in the South Caucasus, providing 75 percent of the region’s gross domestic product, Minister of Economic Development Shahin Mustafayev has said.

Mustafayev told an international conference in Baku Friday that Azerbaijan has pursued a proper economic policy since gaining independence from the Soviet Union in 1991.

"As a result, a favorable business climate has been created and macroeconomic stability has been achieved in the country, which has increased the interest of foreign companies in Azerbaijan. Hence, investments to the tune of $82 billion have been made in the Azerbaijani economy, with foreign investment accounting for half of the amount."

The minister said macroeconomic stability will continue to be protected in the South Caucasus republic to ensure its economic growth.

"Systemic measures will be taken to boost energy, environmental and food safety, the country’s diversification will be expanded, its business climate improved and the development of the agricultural sector supported."

According to Mustafayev, the government’s economic policies aim to develop Azerbaijan’s human capital, reduce the unemployment rate and increase social spending, which will result in improved living standards of Azerbaijani citizens.

"Over 90,000 jobs have been opened in Azerbaijan; the country’s strategic currency reserves top $26 billion, which exceeds state debt eight-fold. Azerbaijan maintains trade relations with 140 countries, with the European Union states accounting for more than 40 percent of the commodities turnover. The country’s GDP has increased 2.8 times in 2004-2009."