“In the first quarter the economic reforms carried out even faster. In general, I should note that 2016 will be a year of deep economic reforms”, Azerbaijani President Ilham Aliyev said at the meeting of the Cabinet of Ministers dedicated to the results of socioeconomic development in the first quarter of 2016 and objectives.

“From the beginning, we are working very hard in that direction. Signed many orders, laws adopted. Improving the business environment, increasing our export potential and attract foreign investments to Azerbaijan, increasing local production - in all these areas made a very serious decision. Financial discipline, transparency - I want to say that in this direction, and further measures will be taken further”, the President noted.

The head of state emphasized that all the economic and financial sector in Azerbaijan, based on the experience of leading countries, should be developed based on the most advanced principles. “First, the need to improve control mechanisms fully transparency must be ensured. Thus, our revenues will increase and should grow, in spite of the fact that oil prices have fallen sharply and are still at a very low level. This, of course, a serious impact on our earnings. However, I believe that through the development of non-oil sector, we are able to successfully get out of this situation”.

“Economic indicators of the first quarter is not very positive. Gross domestic product fell. And it is natural. We expected this. But I think that within a year the gross domestic product should rise. In any case, we seek, and we will strive to do so. This suggests that in the first quarter, the non-oil industry in Azerbaijan increased by more than five percent. This indicates that the reduction of the gross domestic product in the first place, due to the fall in oil prices and arising in connection with this situation. Of course, our revenues declined. Decreased investment made by the state. We, of course, take into account this situation. But the growth of non-oil industry for more than five per cent, of course, and the indicator and gives good hope for more rapid development of non-oil sector in Azerbaijan. Today, the non-oil sector is a major part of the economy of Azerbaijan. We have achieved this in the future, of course, have to try to make the non-oil sector has more weight in our export structure” President Ilham Aliyev said.