[naewoeilbo내외일보] Lee Su Han이수한 기자 = In the post-conflict period, Azerbaijan has taken all steps in relation to the economy, to the restoration of the liberated territories in a calculated and prudent manner, and the results are obvious.
All plans for the post-conflict period in Azerbaijan are being implemented. The international community has acknowledged these realities from a political point of view. At the same time, the interest in Azerbaijan has increased – both respect and interest. We are seeing this interest in large-scale investment projects. In just three months of this year, two major investment projects were launched – the foundation of two renewable energy plants was laid. The 470-megawatt power plants are being built by foreign investors and will be commissioned next year.
At present, there is a great interest in Azerbaijan as a result of ongoing transformation, transparency and personnel reforms, as well as due to our victory in the second Karabakh war. There are many applications for working together and establishing business relations. Azerbaijan today is one of a handful of countries in the world that has been able to attract so much interest.
Azerbaijan’s economic indicators are also very positive. The results of the first quarter hardly need any explanation. The gross domestic product has increased by 6.8 percent. In the non-oil sector, this is measured by even higher figures. The non- oil economy has grown by more than 10 percent.

Growth in industrial production is about 4 percent, but in non-oil industrial production it is more than 18 percent. The diversification of the economy, the reduction of dependence on the oil and gas sector, the decline in both its share in the GDP and exports – all these are a reality.
Azerbaijan’s foreign trade turnover has increased by more than 60 percent. Exports have almost doubled. Of course, rising oil prices must also be taken into account. However, non-oil exports have also increased significantly – by 45 percent.
This has been possible specifically as a result of the reforms. Foreign trade turnover has increased and foreign debt has decreased. If it is compared with April last year, it can be seen that Azerbaijan’s foreign debt in April last year accounted for 18 percent of the GDP, but now it is only 12.5 percent. In other words, Azerbaijan was able to reduce the external debt by more than $600 million in one year. This was made possible thanks to the implementation of the external debt management strategy.
Currently no government agency can take loans without the government’s permission. Every loan is now approved by the government, and loans are attracted only to projects that are important, to projects with a high-tech component, as well as projects being implemented in the liberated lands.
The balance of foreign trade is also very positive. The positive balance in just three months has been more than $5 billion. This has had a strong impact on macroeconomic stability. There has also been an increase in foreign exchange reserves in three months.