Azerbaijani president calls for less dependence on oil and gas

"Our goal is to remove dependence of the national economy on oil and gas," President of Azerbaijan Ilham Aliyev said while addressing the Fourth Global Baku Forum, which convened here on Thursday.

"Reduction of dependence on oil and gas is a part of our reforms. Today oil and gas sector accounts for 30 percent of our GDP and about a half of our budget revenues. So the target is to pare down a dependence on oil and gas to minimum," the Azerbaijani President said.

"Since 2004 and up to 2014, Azerbaijan's economy was one of the fastest growing in the world," Aliyev said.

"We were among the countries that received, per capita, one of the biggest direct foreign investments, primarily in the oil and gas sector," Aliyev said, adding that the main purpose is to attract investors in the non-oil sector.

He pointed out that today Azerbaijan gives priority to the diversification of economy and new areas of economic development.

The president emphasized that it is important to develop a transportation network, adding that investments in transportation facilities, including railroads, airports and seaport, can turn Azerbaijan into the transportation hub.

"Hopefully this year we will complete the connection of railroads between Azerbaijan, Georgia and Turkey, hence Europe and Asia will have a new transportation route," he said.

A two-day Global Baku Forum titled "Towards a Multipolar World" opened here on Thursday bringing together 300 delegates from 53 countries. It will address such themes as international security, regional threats, climate change and energy policy along with ethnic, religious and political conflicts, educational and environmental issues. Enditem