President Ilham Aliyev: We will tackle current situation with a minimum loss

Baku. 25 October. REPORT.AZ/ “I would like to say something about current situation in Azerbaijan. As you know, sudden collapse in oil prices reduced our incomes. At the same time, we envisioned $25 per barrel in our budget. Today prices are twice as high. I think we will tackle the situation with a minimum loss. As you know, as a result of our diversification policies, oil income constitutes only 33 percent of our gross domestic product (GDP). We have diversified our GDP and diminished dependency on oil prices. We want to enter European market with competitive non-oil products”.

Report informs, Azerbaijani President Ilham Aliyev said in his speech in Azerbaijan-Croatia business forum on October 25. 

“Ms. President is about to complete her visit to Azerbaijan. We can talk about outcomes. Yesterday we had fruitful discussions. We discussed all important issues. If we look on our trade turnover, we can see that there are two components influencing rise and fall. First is Azerbaijan’s oil export to Croatia, second supply of ships by Croatian companies to Azerbaijan. This is a nice cooperation. We now talk about export and import operations. I think this is right time to diversify our economic cooperation and expand export and import operations”, the head of state stated.