President Ilham Aliyev's vision portrays Azerbaijan's sustainable economic growth [COMMENTARY]

On 24 April 2024, ADA University hosted the international forum themed “COP29 and Green Vision for Azerbaijan.

President of the Republic of Azerbaijan, Ilham Aliyev, attended the forum and responded to questions from the event participants. The Azerbaijani President touched on many key points in his speech, mentioning various issues regarding domestic and foreign policy, as well as the role of Azerbaijan in the global economy.

According to President Ilham Aliyev, Azerbaijan's economy is actually self-sufficient, demonstrating sustainable growth even during periods of crisis.

Commenting on the Azerbaijani President's speech, British expert Neil Watson stated in his remarks to Azernews that under the leadership of National Leader Heydar Aliyev and his son, President Ilham Aliyev, Azerbaijan has pursued the most independent economic policy of any former Soviet Republic since regaining its independence in 1991.

"This is, of course, due to the significant oil and gas deposits in the country, but also attributable to the way in which the oil wealth has been managed since the signing of the Contract of the Century with a bp-led consortium in 1994. This has enabled Azerbaijan to retain much of the revenues accruing from its hydrocarbons, explore new markets beyond the former Soviet space, and benefit from the latest Western techniques of exploitation and conveyance. The SOFAZ state oil fund and other initiatives have retained much of the wealth, serving as a shock absorber in the face of global economic crises and keeping Azerbaijan as the economic powerhouse of the South Caucasus."

Watson mentioned that the key factors are the successful retention of hydrocarbon revenues and the gradual diversification of the economy.

"Despite the decrease in oil prices since 2015 and the increasing impact of renewable energy strategies across the globe, the President has led initiatives to diversify the economy into many areas, including IT and tourism. Obviously, the Azerbaijani-Armenian conflict and housing one million Internally Displaced Persons (IDPs) have been a tremendous drain on the Azerbaijani economy. In the post-war scenario, there is much demining and reconstruction to do, which will cost billions of AZN. However, this will eventually end, and the liberated territories will also contribute to Azerbaijani GDP."

"Adept management of hydrocarbon wealth has been key to minimizing foreign debt and achieving economic development goals. The Azerbaijani government always seeks to realize achievable programs and goals in many sectors, including IT and tourism, and always seeks to implement Western technologies and methodologies.

Furthermore, it has a literate and educated demographically young population and is blessed with other environmental benefits, including wind, solar, and wave energy, as well as exemplary agriculture. Naturally, further economic diversification is necessary, but the success in liberating Garabagh has proven that when the Azerbaijani government under President Aliyev formulates a strategy, victory is certain to follow," the British expert added.