Azerbaijan’s Forex Reserves Soar Past $73 Billion, says Elnur Aliyev
Azerbaijan’s strategic foreign currency reserves have exceeded $73 billion, showcasing the economic stability of the country. First Deputy Minister of Economy Elnur Aliyev made this announcement during the conference “Constitution and Sovereignty – Development of Entrepreneurship in Azerbaijan.”
Aliyev highlighted that this impressive reserve amount creates a favorable environment for both domestic and foreign investors. He also mentioned that the private sector contributes significantly to the country’s GDP, accounting for 83%, and employment, with a share of over 78%.
Over the past five years, there has been a notable increase in the volume of production in the non-oil and gas sector by 26%. Additionally, the added value in the non-oil and gas industry has surged by 1.5 times, indicating a diversification of the economy.
“In January-March of this year, industrial enterprises and individual entrepreneurs operating in the non-oil and gas sector produced industrial products worth 15.8 billion manats ($9.2 billion), with a 3.5% increase in production,” stated Elnur Aliyev.
The deputy minister also emphasized the significance of expanding public-private partnerships and announced the commencement of a seawater desalination project. This initiative aims to further boost the country’s economic development and sustainability.
