Ilham Aliyev: Opaque Situation Causes Inadequate Level of Foreign Investment

Baku / 10.07.18 / Turan: "In the economic and financial sectors it is necessary to ensure maximum transparency," Azerbaijani President Ilham Aliyev said at a meeting of the Cabinet of Ministers.

According to him, the main reason for the inadequate level of foreign investment in the non-oil sector is the opaque situation. He believes it is necessary to take additional measures in the legislation, since the time dictates the need for further deepening of reforms and full transparency.

"All state structures, as well as entrepreneurs should know that the tax and customs systems provide full transparency, create equal conditions, and put an end to unhealthy competition. Entrepreneurs should absolutely clearly know what the rules of work are. And they are very simple: to observe laws, to pay taxes in full, not to engage in smuggling and not to damage the economy of the country. "

The President stressed that entrepreneurs also should, on their part, show responsibility in these matters and it is necessary to put an end to the facts of tax evasion. He said that this applies to representatives of both small and large-scale entrepreneurship and everyone should be equal before the law.

Ilham Aliyev, referring to the general situation in the economic sector, said we were able to overcome the crisis with low losses. According to him, the indicators of this year indicate that the reforms carried out in previous years and this year give excellent results. The head of state said that for 6 months the gross domestic product increased by 1.3 percent, including the non-oil sector that grew by 2 percent. "Industrial production increased by 1 percent. The non-oil industry grew by 8.8 percent. Agriculture grew by 7.6 percent. In the field of plant growing, growth was more than 14 percent. "

According to the President, 67 thousand new jobs were created, 58 thousand of them being permanent. An investment of $ 6 billion was invested in the country's economy. Inflation is three percent. The monetary incomes of the population increased by 9.3 percent. Foreign trade turnover grew by 35 percent. Exports increased by 34 percent, including non-oil exports that grew by by 20 percent. The positive balance of foreign trade is 4.2 billion dollars.

According to Ilham Aliyev, this is a very high figure, which once again shows that macroeconomic stability is fully ensured.

He stressed that since the beginning of the year foreign reserves have grown and amount to 44.3 billion dollars.

Among the important events in the transport and energy spheres in the first half of the year, the head of state noted the commissioning in May of the Alat International Sea Trade Port, which is the second major event in the transport sector after the commissioning of the Baku-Tbilisi-Kars railway last year.

As another important event Ilham Aliyev noted the opening of the Southern Gas Corridor in May and the official opening of TANAP in June.

"Thus, three of the four projects of the Southern Gas Corridor have already been implemented: Shah Deniz-2, the South Caucasus Pipeline and TANAP. The fourth project - TAP is implemented on schedule." -71D-