Azerbaijan’s main goal is to create a model of development independent of oil prices, Azerbaijani President Ilham Aliyev said in his interview to Euronews TV channel.
“We have been working on diversification of economy for many years. But this has become our main priority, because oil prices are very low,” he said.
President added that Azerbaijan has reduced dependence on oil and gas and share of oil and gas industry in Gross Domestic Product (GDP) constititues only 30% (37% in January 2016). “But our goal is to crate the model of development independent of oil prices and the proess is going on,” he added.
Aliyev said that Azerbaijan has worked out the a package of wide-scale reforms covering mainly sectors of the oil industry, including agriculture, information technologies and tourism, supported by the International Monetary Fund (IMF). “I am sure that in the coming years Azerbaijan’s dependence on oil will be reduced even more,” he concluded.
