President: Future development of Azerbaijan's economy looks very attractive

Azerbaijan, Baku, May 7 / Trend S. Aliyev / The private sector is very strong, and future development of Azerbaijan, from the economic point of view, also seems to be very attractive, Azerbaijani President Ilham Aliyev said during the first South Caucasus Forum in Baku today. "The Azerbaijani government managed to implement the economic reforms," the President said. 'The transition period from point of view of economic development is over, and now 83 percent of our economy is produced in private sector." The President noted that currently, main part of attention goes towards country's non- energy sector, and diversification of economy. "The first 3 months of 2013 were marked with enormous growth in non-energy sector, which is more than 11 percent. This shows that the investments which were attracted from outside, and also generated from inside, are working to diversify the economy because without diversification we cannot achieve success," Ilham Aliyev said. The President also noted that Azerbaijan invests a lot in modern technologies. "This year is also marked with a very remarkable event, which was the launch of the first Azerbaijani satellite AzerSpace-1, and this is the beginning of the space industry in Azerbaijan," the Head of Azerbaijani State said. "Azerspace-1 means that there will be AzerSpace-2, AzerSpace-3 and more." Ilham Aliyev added that Azerbaijan is working close with its international partners to develop strong space industry in Azerbaijan. Further speaking, President Ilham Aliyev said that the energy sector is the main part of Azerbaijan's economy, and it is natural, because for many years Azerbaijan has been known as an oil country and now it has become known as a gas producing country. "Investments in the energy sector also allowed Azerbaijan to create a very positive investment climate," he said. "Amount of per capita, with respect to foreign investments, is one of the highest in the region. Azerbaijan has very preferable conditions for foreign companies to make investments in the country." Do you have any feedback? Contact our journalist at agency@trend.az