"Over the past 18 years, the economy of Azerbaijan has developed rapidly, and the gross domestic product increased more than three times," Azerbaijani President Ilham Aliyev said at the 15th ECO Summit in Ashgabat,
"Azerbaijan has achieved a favorable 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 external state debt by over six times.
Azerbaijan's external debt accounts for only about 17.3 percent of its gross domestic product. By the end of 2030, we plan to decrease it to 10%," the head of state said.