During the last 20 years we had over 350 billion dollars of investments in our economy, almost half—$170 billion—in investments from foreign sources. So an investment-friendly business climate was also one of the targets in front of us, and it has mostly been achieved.
President Ilham Aliyev made the remarks at the Azerbaijan-Latvia business forum, News.Az reports, citing AZERTAC.
“Our plan, which is based not only on our aspirations but also on signed, legally binding contracts, is to have 8 gigawatts of solar, wind, and hydro power by 2032, and this is absolutely realistic. We will largely substitute natural gas, which we use for electricity production, with renewables. This will allow us to save several billion cubic meters of gas, which is so needed now on international markets,” the President emphasized.
“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 stressed.
“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. But of course, there is a big demand for additional investments,” President Ilham Aliyev added.
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