President Ilham Aliyev: Radical change in oil and gas prices gives rise to anxiety in Azerbaijan as it is oil and gas producer

Baku: “However, this is a challenge to consolidate budget, reduced unnecessary expenses and apply good governance”

“We have always tried to reduce dependence of our country on oil and gas and based on sustainable development. 70% of our economy consists of non-oil sector. But export mainly consists of oil and gas. And this is normal”, said the President of Azerbaijan Ilham Aliyev at the 48th Annual Meeting of the ADB Board of Governors.

The head of state noted that share of gas in export will increase in the near future: “We are promoting local and foreign investors to invest capital in non-oil sector. Radical change in oil and gas prices gives rise to anxiety in Azerbaijan as it is oil and gas producer.

However, this is a challenge to consolidate budget, reduced unnecessary expenses and apply good management. Changing of “black gold” to human capital is priority for us. The funds in the State Oil Fund of Azerbaijan are important to be insured against undesirable events in the future”.

SOURCE: Azeri Press News Agency