World Economy

$190b Invested in Azeri Economy

$190b Invested in Azeri Economy
$190b Invested in Azeri Economy

Azerbaijan plays an important role in ensuring the energy security of Europe. The chairman of the Energy Regulators Regional Association (ERRA) Alparslan Bayraktar made the remarks on Monday during the XIII Conference on investments and energy regulation in Baku.

He said this is one of the reasons for holding this conference in Baku, the capital of Azerbaijan, Trend reported.

Among the other reasons of holding the conference in Baku, Bayraktar also mentioned that Azerbaijan is one of the fastest growing countries of the ERRA, and the country demonstrates a unique example of regional cooperation together with Georgia and Turkey.

Over $190 billion has been invested in Azerbaijan’s economy since the country gained independence, and the foreign exchange reserves of the country stand at the level of $53 billion, the Deputy Minister of Economy and Industry of Azerbaijan, Niyazi Safarov said during the conference. The ratio of external debt to GDP of the country stands at 8 percent.

He said that the power generation capacities increased by 2,000 megawatts over the last 10 years in Azerbaijan.

The Conference on investments and energy regulation of ERRA annually attracts about 300 representatives of more than 100 regulators, experts, investors, scientists, consumers representatives, organizations for environmental protection, agencies on development and other professionals from the countries of Central and Eastern Europe and North America.