There is an improvement in the financial situation of four large state-owned companies, including the State Oil Company of Azerbaijan (SOCAR). This was stated by the Minister of Economy of Azerbaijan, Chairman of the Supervisory Board of SOCAR Mikail Jabbarov during yesterday’s discussion of the budget package for 2022 at a meeting of the Milli Mejlis (parliament).
The minister said that by order of President Ilham Aliyev (dated February 2, 2021 – Turan), a strategy for the socio-economic development of Azerbaijan until 2030 was approved.
“For this, five national priorities have been identified. The country is facing new economic challenges. The main challenge is to reduce dependence on oil to zero,” said the Minister of Economy.
According to him, several major changes will take place in the country’s economy during this period. The operating environment in the economy will be significantly improved. Extensive conditions will be created for the sustainable development of human capital and the use of digital ideas.
The minister believes that the main directions of the country’s socio-economic development strategy have already been formed. This strategy envisages 839 changes in 70 strategic headings.
Earlier, Mikail Jabbarov said that investments in the economy of Azerbaijan, from 1995 to June 2021, amounted to $ 296.3 billion, of which $ 150.4 billion are foreign investments.
It should be noted that the overwhelming majority of foreign investments were directed to the oil and gas sector: only under the operator of British BP, the volume of investments exceeded $ 82 billion.
Caspian Barrel
