The main goal of Azerbaijan is to completely eliminate dependence on oil prices, said Azerbaijan’s President Ilham Aliyev.

The president made the remarks at the opening of the 23rd International Caspian Oil & Gas Exhibition in Baku June 1.

The head of state noted that Azerbaijan has passed a glorious way.

No project remains unimplemented today, President Aliyev said.

“I also want to add that these projects would have been impossible without regional stability. Investors trusted us and invested billions of dollars,” he said.

Owing to these investments, Azerbaijan managed to develop non-oil sector, the president stressed.

“Today, oil sector constitutes 30 percent while, the main income is generated by the non-oil sector,” Ilham Aliyev said.

The president went on to say that the International Caspian Oil & Gas Exhibition plays an important role in Azerbaijan’s life.

“The first years of our independence were hard, our lands were occupied and civil war erupted,” he said. “The first international oil and gas exhibition held those times defined the path of Azerbaijan's contemporary development. Oil and gas sector was the most available sphere for investments.”

Speaking about the development of Azerbaijan's oil and gas sector, the president said that BP and SOCAR have been cooperating for already 22 years.

"Within those years SOCAR has grown into an international energy company, since huge projects were implemented in Azerbaijan. Today SOCAR is investing billions of dollars into foreign countries. Investments abroad have a positive impact on relations with those countries in all areas,” President Aliyev added.