ID :
17902
Wed, 09/03/2008 - 14:09
Auther :
Shortlink :
http://m.oananews.org//node/17902
The shortlink copeid
AZERBAIJAN TO USE OIL WEALTH TO BOOST NON-OIL SECTORS, SAYS PRESIDENT
From Yong Soo Heong
BAKU (Azerbaijan), Sept 3 (Bernama) -- Azerbaijan will use its oil wealth to further boost its economy, especially the non-oil sectors, said President Ilham Aliyev.
In a meeting with delegates to the 30th OANA (Organisation of Asia Pacific News Agencies) here on Tuesday, he said the oil and gas resources had enabled Azerbaijan to record one of the highest, if not the highest, economic growth rates in the world.
In 2006, its economy grew by 34.5 per cent and last year's growth was
recorded at 24.7 per cent. Another year of double-digit growth is projected this year.
Aliyev said direct foreign investment into Azerbaijan was also the highest among the former Commonwealth of Independent States (CIS).
This is not surprising, especially with the country's abundant oil and gas reserves in the Caspian Sea basin, which has attracted many foreign oil companies to be involved in the production-sharing contracts.
Azerbaijan, which gained independence with the collapse of the Soviet Union in 1991, has been successful in making a transition from a command economy to a market economy.
With a population of slightly more than eight million, it is regarded as the best managed economy among the former CIS countries.
"About 90 per cent of Azerbaijan's economy is now in private hands," he said, adding that almost everything used to be owned by the state about 17 years ago.
This new-found wealth is reflected through mushrooming of upscale retail stores like Mango, Burberry, Mont Blanc and Bvlgari in downtown Baku, the capital city, the construction of bungalows on the outskirts of the city and the increasing number of luxury cars on the road.
Aliyev said it was important for Azerbaijan to develop its human capital in efforts to reduce the incidence of poverty.
"We hope to achieve this through better education for our people," he said.
One of the areas that Aliyev is focusing on is the information and
communications technology sector. On this score, every school is now
Internet-connected.
He has also increased the penetration rate of computers among Azerbaijani
schoolchildren to one for every 29 students from one for every 1,000 at one
time.
However, Aliyev, who is facing a presidential election on Oct 15, stressed
the importance of acquiring foreign languages in order to get the full benefit
of the Internet world.
"Without the ability to know foreign languages, the Internet means nothing
(to the Azerbaijanis)," he said.
Aliyev has also put into place a seven-year programme to boost agricultural
production as well as increase the land area for the purpose. It is hoped that
this will see the increased output in meat, dairy, eggs, potatoes and vegetables
to cut the country's dependence on imported foodstuff.
"We want to be among the developed countries some day," said the president
but he did not provide a time-frame.
When asked Azerbaijan could one day be a member of the European Union, he
said: "It is not for us to say. The invitation has to come from them (EU)."
But with its double-digit growth which tend to put many so-called developed
countries to shame, many of the OANA delegates agree that Azerbaijan is the
country to watch over the next few years.
-- BERNAMA
BAKU (Azerbaijan), Sept 3 (Bernama) -- Azerbaijan will use its oil wealth to further boost its economy, especially the non-oil sectors, said President Ilham Aliyev.
In a meeting with delegates to the 30th OANA (Organisation of Asia Pacific News Agencies) here on Tuesday, he said the oil and gas resources had enabled Azerbaijan to record one of the highest, if not the highest, economic growth rates in the world.
In 2006, its economy grew by 34.5 per cent and last year's growth was
recorded at 24.7 per cent. Another year of double-digit growth is projected this year.
Aliyev said direct foreign investment into Azerbaijan was also the highest among the former Commonwealth of Independent States (CIS).
This is not surprising, especially with the country's abundant oil and gas reserves in the Caspian Sea basin, which has attracted many foreign oil companies to be involved in the production-sharing contracts.
Azerbaijan, which gained independence with the collapse of the Soviet Union in 1991, has been successful in making a transition from a command economy to a market economy.
With a population of slightly more than eight million, it is regarded as the best managed economy among the former CIS countries.
"About 90 per cent of Azerbaijan's economy is now in private hands," he said, adding that almost everything used to be owned by the state about 17 years ago.
This new-found wealth is reflected through mushrooming of upscale retail stores like Mango, Burberry, Mont Blanc and Bvlgari in downtown Baku, the capital city, the construction of bungalows on the outskirts of the city and the increasing number of luxury cars on the road.
Aliyev said it was important for Azerbaijan to develop its human capital in efforts to reduce the incidence of poverty.
"We hope to achieve this through better education for our people," he said.
One of the areas that Aliyev is focusing on is the information and
communications technology sector. On this score, every school is now
Internet-connected.
He has also increased the penetration rate of computers among Azerbaijani
schoolchildren to one for every 29 students from one for every 1,000 at one
time.
However, Aliyev, who is facing a presidential election on Oct 15, stressed
the importance of acquiring foreign languages in order to get the full benefit
of the Internet world.
"Without the ability to know foreign languages, the Internet means nothing
(to the Azerbaijanis)," he said.
Aliyev has also put into place a seven-year programme to boost agricultural
production as well as increase the land area for the purpose. It is hoped that
this will see the increased output in meat, dairy, eggs, potatoes and vegetables
to cut the country's dependence on imported foodstuff.
"We want to be among the developed countries some day," said the president
but he did not provide a time-frame.
When asked Azerbaijan could one day be a member of the European Union, he
said: "It is not for us to say. The invitation has to come from them (EU)."
But with its double-digit growth which tend to put many so-called developed
countries to shame, many of the OANA delegates agree that Azerbaijan is the
country to watch over the next few years.
-- BERNAMA
