Ilham Aliyev: Azerbaijan working to stabilize oil production

"We are working on stabilization of oil production – it is possible – and also increase of our production of natural gas. That will also add additional dynamism to our economy so it can grow. But the growth should be natural," Azerbaijani President Ilham Aliyev said in an interview with local TV channels on January 5, Report informs.

"So, in general, I'm satisfied with economic development. Yes, we have one problem, which is the natural decline in oil production. That drags our GDP figures down. But if you look at the GDP in the non-oil and gas sector, over 11 months it grew 3.2%, which is not bad. It can be higher, and probably it will be higher. Also, we are working on stabilization of oil production – it is possible – and also increase of our production of natural gas. That will also add additional dynamism to our economy so it can grow. But the growth should be natural.

You know, on many occasions, when I meet a so-called group of countries' leaders, which strongly support Armenia, and always complain about how for Armenia it is difficult because of the geopolitics, how Armenia is vulnerable because some countries want to damage its interests, I always say, "look at the GDP and look at the trade turnover with Russia." When the Russian-Ukrainian war started, the trade turnover between Armenia and Russia was about 2 billion US dollars. Two years ago, it was 12. So, it's obvious.

It's a sanction bypass. As they call it, parallel import or import in grey zone. But no one, neither in the European Commission, nor in the European Parliament, nor in the Parliament Assembly of the Council of Europe, no one even said a word or reprimanded Armenia or even not the sanctions, but even not anyone said. Because for them, to be a channel of bypassing sanctions is affordable. But, our GDP is growing not because we help someone to avoid sanctions, we do not. It's growing because of our economic performance.

Also one more thing about the figures. Figures are important, but the most important is the day-to-day life of the people and the economic capacity of the country. Also, it's obvious that the bigger your economy is, the bigger value every percentage carries. So, when your economy is about 70 or 80 billion dollars, every one percent is almost a billion dollars. And to get this billion dollars in one year is not an easy thing. But again, I think it can be better. But when oil production stabilizes, I think we will see higher figures of GDP. But again, for me it's not a competition, it's not a race, it's just our economy should allow us to develop, to provide better living conditions for people, and to rebuild the liberated territories, to invest in defense capacity, and to strengthen our economy," Ilham Aliyev added.