Azernews.Az

BAKU – Investments worth about $90 billion have been made in Azerbaijan in the post-independence period as a result of favorable investment climate provided in the country, with foreign funds accounting for half of the amount, Minister of Economic Development Shahin Mustafayev has said.

Mustafayev told the opening of the Azerbaijan State Exhibition in Tashkent on Friday that the fast-growing South Caucasus republic is one of the leaders on per capita foreign investments in CIS and Eastern Europe and is now heavily investing abroad.

The minister said that from 2004-2009, Azerbaijan’s gross domestic product nearly tripled, industrial production more than quadrupled, and over 30,000 businesses and 840,000 jobs opened.

He said the world financial crisis has not considerably affected Azerbaijan, noting that the country’s GDP increased 9.3 percent in 2009. In the first half of 2010, the Azerbaijani economy accounted for 70 percent in the Caucasus region.

According to Mustafayev, Azerbaijan has forged economic and trade relations with 140 countries. In January-September 2010, the country’s trade turnover amounted to $20.2 billion, with exports estimated at $15.7bn, while imports stood at $4.5bn. Thus, Azerbaijan posted a positive trade balance of $11.2bn in this period.

According to the minister, a slew of Azerbaijan’s economic indicators surged in 2004-2009. Citizens’ income doubled and their per capita earnings rose 85 pct, average monthly wages tripled, the minimum wage increased more than six-fold, and the minimum pension nearly quadrupled. Poverty level dropped more than four-fold to 11 pct over the five-year period.

Mustafayev added that owing to its dynamic development Azerbaijan ranked as a medium-income country and has further strengthened its position.