Ilham Aliyev: We have a very small external debt

In general, the diversification of the economy of Azerbaijan is our main priority. Of course, the energy sector has traditionally been the leading sector of our economy, and this will continue. This was stated by President Ilham Aliyev during a speech at the Azerbaijani-Lithuanian business forum in the center of Heydar Aliyev in Baku.

“in particular, we completed the construction of the southern gas corridor, which starting in January 2021 for the first time transports Azerbaijani gas to various points, including the European Union – systems of integrated numerous pipelines with a length of 3,500 kilometers. Of course, the development of the oil sector, which is the traditional industry of our economy, continues to play an important role for local goals and energy security of many countries.

At the same time, diversification is our main goal, because we understand that without diversification our plans to create a sustainable economy will not be fulfilled. Here we see good results. I can tell you that the results of the four months of this year are generally promising. Our economy has grown by 7.2 percent. Given the postpandemic period, this is a very good figure. As for the nonsense sector, the numbers are higher, the growth here was 11.4 percent. We have a very small external debt – in the volume of only 12.5 percent of the gross domestic product. The goal is to reduce it to 10 percent of the gross domestic product, ”said the head of state.