Today, more than 65% of the economic potential of the South Caucasus region falls on Azerbaijan, Report informs, citing an article by Head of Azerbaijan's Presidential Administration Samir Nuriyev "Nation-state building of great leader Heydar Aliyev and modern development strategy."
"Compared to 2003, the Azerbaijani economy has grown more than three times. During 2003-2021, Azerbaijan's industrial production increased by 2.7 times, agriculture by 2, foreign trade turnover by 6.4, exports by 7.6, non-oil exports by 5.2, and foreign exchange reserves by more than 27. Azerbaijan, which had $ 1.8 billion in foreign exchange reserves in 2003, now has $ 53 billion, 7.4 times more than its direct foreign debt. Poverty has fallen from 49% to 6%. $ 280 billion has been invested in Azerbaijan's economy, half of which is foreign investment.
"Azerbaijan's important geographical position, development of strategically critical transport infrastructure in accordance with world standards, including the construction and commissioning of the Baku-Tbilisi-Kars railway, the new Baku International Sea Trade Port, modern airports, reconstruction of national and local highways have made Azerbaijan an active participant in the North-South and East-West transport corridors and a transit hub for the region. It is no coincidence that today the European Union is showing great interest in Azerbaijan's transport infrastructure," the article noted.