President Aliyev highlights Azerbaijan’s economic progress at Baku Energy Forum

Azerbaijan has achieved significant economic progress in recent years, including a substantial reduction in foreign debt, President Ilham Aliyev said during the official opening ceremony of the 31st Baku Energy Forum.

Addressing participants at the event, the president pointed to the country's strong economic indicators and improving international standing, Caliber.Az reports via state media.

“Today Azerbaijan's economic performance is very positive. Our ratings are raised year after year by the leading international rating agencies. And so far we already have investment-grade rating. The poverty level was reduced to 5% with unemployment around the same figures. We managed to reduce foreign debt significantly,” President Ilham Aliyev said during the forum.

The Azerbaijani leader also stressed the continuing importance of conventional energy resources while underscoring the need to address environmental challenges.

“World cannot live without fossil fuel. We all want to have a better climate to save the planet. We all want to live in better environment,” Aliyev stressed.

Reflecting on the evolution of Azerbaijan’s flagship energy event, the president noted its role in the country’s energy development and its transformation into a broader international platform.

“As has already been, the Caspian Oil and Gas Exhibition laid the foundation for the energy development of modern Azerbaijan. As time passed, it transformed and became bigger and now it is called Baku Energy Week with numerous events and a lot of very good ceremonies,” the president said.

The Baku Energy Forum is being held as part of Baku Energy Week, which brings together government officials, energy executives, investors, and industry experts to discuss global energy trends, regional cooperation, and the future of the energy sector.

By Vugar Khalilov