Aliyev declares 2011 year of tourism
BAKU – Azerbaijani President Ilham Aliyev has announced 2011 the Year of Tourism, he told a cabinet meeting on Friday.
The president also said 5 five-star hotels will be opened in the capital Baku this year.
President Aliyev ordered the government to work on establishing the space industry, increase military expenditure and set up new defense industry facilities.
Aliyev said that this year oversight of the consumer market should be stepped up, deliberate inflation of prices prevented, monopolistic trends countered, and an emphasis placed on the development of entrepreneurship.
Regarding the outcomes of 2010, the president said the Azerbaijani economy grew 5 percent and the objectives facing the country were fulfilled.
The poverty level in Azerbaijan, which is currently at 9.1 percent, has dropped many-fold in recent years, Aliyev said.
According to him, investments to the tune of $15.5 billion were made in Azerbaijan's economy in 2010. Domestic investments have exceeded foreign ones, and a large amount of funds was channeled into the non-oil sector.
The country’s currency reserves have reached $29.4bn, the president said.
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