Azerbaijan has achieved a favourable investment climate as a result of large-scale reforms, President of Azerbaijan Ilham Aliyev said addressing the 15th Summit of the Economic Cooperation Organization (ECO).

“Over the past 18 years, the economy of Azerbaijan has developed rapidly, and the gross domestic product increased more than three times.

Azerbaijan has achieved a favourable investment climate as a result of large-scale reforms. Azerbaijan is placed 28th out of 190 countries in the World Bank’s Doing Business survey. Around $280 billion has been invested in the Azerbaijani economy, half of which is foreign investment.

Our strategic foreign exchange reserves exceed our state external debt by over six times.

Azerbaijan’s external debt accounts for only about 17.3 per cent of its gross domestic product. By the end of 2030, we plan to decrease it to 10%.

During the last 18 years, the poverty rate in Azerbaijan has decreased from 49% to 6%. The unemployment rate in the country is around 6%.

Azerbaijan’s achievements are highly appreciated by international institutions. The Davos World Economic Forum report ranks Azerbaijan in the 10th place for the long-term government strategy and 5th in the world in terms of the leadership’s commitment to reform.

Again, according to the Davos report – Azerbaijan ranks 2nd for electricity supply to the population, 11th for efficiency of railroad services, 12th for efficiency of air transportation services, 25th for efficiency of seaport services, and 27th for quality of road infrastructure.

This April, Azerbaijan has signed an agreement with the World Economic Forum to establish Azerbaijan Affiliate of the Centre for the Fourth Industrial Revolution Network. We hope that the Centre will also contribute to the cooperation within the ECO,” the head of state said.