BAKU ( WNAM REPORT ) : “Now we are actively working on diversification of our exports. Although it will be difficult to do because production of natural gas in Azerbaijan is growing and will grow, and the biggest part of the gas we produce is exported,” President Ilham Aliyev said during his speech at the Azerbaijan-Latvia Business Forum.
Pointing out that the majority of the gas produced by Azerbaijan is exported, the head of state noted that non-oil- and gas-related industry and economy have to match the growing production profile and the growing demand in the international markets, primarily European.
“Reduction of foreign debt, I think this plan is done. We have a foreign debt which is equal to 6.1% of our GDP, he said.
“Our currency and gold reserves exceed the foreign debt by more than 18 times. So in other words, we could reduce our foreign commitments to zero within probably a couple of months,” the head of state pointed out.
“But of course, there is a big demand for additional investments,” President Ilham Aliyev added.
