AZERBAIJANI-AUSTRIAN ECONOMIC COMMISSION’S FOURTH SESSION ENDS
The delegations were headed, on Azerbaijan side, by Minister of Economic Development Heydar Babayev, and on the Austrian side - by Minister of Economy and Labor Johan Zakhs.
In his opening remarks, Mr. Heydar Babayev updated the guests on economic reforms ongoing in the country, basis of which was founded by nationwide leader of Azerbaijan Heydar Aliyev, and successful results of them. The Minister noted that Azerbaijan has reached dynamic economic growth, and that the achievements in the oil-gas sector - leading branch of Azerbaijan’s economy - has ensured intensive development and in other industrial fields. “Industrial production growth last year averaged 33, 5 percent, while in agriculture - the figure totaled 7,5 percent. In whole, in 2005, the GDP made up 26,4 percent and in 10 months of current year - by 34,3 percent. On these indications, Azerbaijan is one of the leading countries not only in CIS space, but also in world”, he stressed.
Then, the Minister highlighted on positive impact of reforms on increase of investment in the economy of country, the fruitful cooperation with international economic and finance structures, emphasizing that Azerbaijan is experiencing the final phase to enter the World Trade Organization. As the Republic has trade relations with over 130 world countries, he stressed. Last year, the trade turnover exceeded $8,5 billion.
Mr. Johan Zakhs, noting, that they attach great importance to economic ties with Azerbaijan, expressed satisfaction with successes reached last years in the Republic. The discussions held at the conference will be useful for both countries, he underlined.
The sides have signed protocol on conclusions of the Joint Session.
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