Azernews.Az

Investments in Azerbaijan's economy have exceeded $130 billion, Economic Development Minister Shahin Mustafayev said at an Azerbaijani-Dutch business forum in Baku on Thursday.

"More than $130 billion, of which more than half is made up by foreign investments, has been invested in the country's economy as a result of the favorable investment and business climate since 1995," Mustafayev said.

The minister said about 70 companies with Dutch capital operating in the Azerbaijani banking, construction, industry, communications, transport, trade, agriculture and insurance sectors invested $365 million in the country's economy. In January-July, the trade turnover between the two countries increased by 42 percent.

Perspectives of further expansion of bilateral economic relations were discussed during a meeting of Minister Mustafayev with the Netherlands' Deputy Prime Minister and Minister of Economic Affairs, Maxime Verhagen, on Thursday.

Mustafayev said that Azerbaijan has become an exporter of investments and has invested heavily in Turkey, Georgia, Russia, Uzbekistan, Ukraine, Romania and Switzerland.

"The share of the private sector in the country's GDP is more than 80 percent," the minister said. "It has reached nearly 100 percent in the agricultural sector. Azerbaijan is the political, economic and cultural center of the South Caucasus."

He said that the country's GDP tripled in 2004-2011, industrial production grew 2.7 times, the non-oil sector of the economy -- by 2.2 times, the income of the state budget 13-fold, while the unemployment rate fell by 1 8 times and the poverty level -- by 5.9 times.

"At present, Azerbaijan's foreign debt makes up 7.4 percent of GDP, while foreign currency reserves exceed the external debt almost 10 times," Mustafayev said.