Baku Today, Azerbaijan
July 22 2005

President Cites Rampant Economic Growth

Baku Today / Assa Irada 22/07/2005 12:29

The first half of 2005 was successful for Azerbaijan, President Ilham
Aliyev said in a meeting dedicated to the country’s socio-economic
development on Thursday.

The Gross Domestic Product (GDP) increased 16.5% in this period and
the growth is expected to reach 18% by the year-end, the highest
figure around the world, Aliyev said. Industrial production grew 20%.
Despite the completion of investment projects in the oil and gas
sector, investments in Azerbaijan made up $2.7 billion.

The President said that despite some problems, the economic potential
and reforms in the country provide reliable conditions for development.

“The minimum wage will increase from 125,000 to 150,000 manats this
October. Moreover, extensive work will be carried out to raise the
average salary from the $120 level.”

Touching upon the talks underway on the settlement of the
Nagorno Karabakh conflict, Aliyev said Azerbaijan’s position has
strengthened. The ongoing negotiations between Armenia and Azerbaijan
referred to as ‘Prague talks’ envision a stage-by-stage conflict
resolution, which has already been approved of by the mediating OSCE
Minsk Group.

“We have applied tremendous efforts and diplomatic steps to draw
Armenia to the process and accomplished this.”

The President emphasized that separation of Nagorno Karabakh from
Azerbaijan is out of the question and can never be a topic of
discussion. He also said that the resolution passed by the Council
of Europe on the Karabakh conflict in January positively affected
the conflict settlement process.

Aliyev said that Azerbaijan is involved in all the important
developments ongoing in the region and world over. The country
continues strengthening its ties and cooperating with regional
states and organizations, including GUAM and the Islamic Conference
Organization (ICO). Azerbaijan is also expanding its collaboration
with the European Union and experiencing the democratic processes
ongoing in Europe, the President said.