"After the return of National Leader Heydar Aliyev to power in Azerbaijan in 1993, the country embarked on a period of stabilization, started to revitalize its economy and managed to get rid of industrial backwardness," President of Republic of Azerbaijan Ilham Aliyev told in his interview to "The Business Year", SIA informs.
According to the President, Azerbaijan was faced with a deep social and economic recession during the early years of independence. All economic sectors, including its main locomotive the oil industry, were in decline. Armenian aggression against Azerbaijan and the resulting political crisis in the country could not but aggravate the economic situation. Despite this, after the return of National Leader Heydar Aliyev to power in Azerbaijan in 1993, the country embarked on a period of stabilization, started to revitalize its economy and managed to get rid of industrial backwardness.
"In subsequent years, especially over the past 10 years, revenues fetched by the sale of Azerbaijan’s oil and gas were channeled into the non-oil sector and industrial development by means of special targeted programs. This has resulted in an annual 10% growth of the non-oil economy. In general, these years have seen industrial production in Azerbaijan triple." added Mr Aliyev.
"Due to the declaration of 2014 as the Year of Industry, the State Program on Industrial Development of the Republic of Azerbaijan covering 2015-20 has been adopted and measures have been taken to modernize the structure of the economy, enhance the export potential of the non-oil industry, expand competitive, knowledge-intensive, and innovative productions, and train qualified professionals in new manufacturing sectors," highlighted the head of state.
"As part of the Year of Industry, around 200 enterprises, including more than 40 medium and large companies, have been created. The ICT sector is developing rapidly these days. There is a permanent focus on the development of this sector. The fact that 2013 was declared the Year of Information and Communication Technologies is clear evidence of that. It is no coincidence that on February 8, 2013, our country witnessed a historic event in the launch of Azerspace-1 into orbit. Thus, Azerbaijan has joined the club of space-faring nations. The handover of Azerbaijan’s second satellite “Azersky” to Azerkosmos OJSC in December of last year attests to the importance our country attaches to the development of knowledge-intensive sectors of the economy," noted Azerbaijani President.