President Aliyev: Azerbaijan needs to further deepen reforms

The imperative of the present time dictates the need to further deepen the reforms in Azerbaijan and fully ensure transparency, said Azerbaijan's President Ilham Aliyev.

The head of state made the remarks making a closing speech at a meeting of the Cabinet of Ministers dedicated to the results of socio-economic development in the first half of 2018 and future objectives.

"The indicators of the past six months give grounds to say that we will successfully achieve all the tasks set for ourselves in early 2018. Azerbaijan's economy should develop dynamically in coming years. Of course, it is necessary to further deepen the reforms in order to achieve this," said President Aliyev.

He pointed out that the reforms carried out in recent years have yielded excellent results.

"If we wouldn't carry out these reforms, we could not achieve such great economic success. But I believe that today we should further deepen these reforms. We should make sure that the Azerbaijani economy manifests itself as a long-term, stable economy in the future, so that the dependence on oil and gas would further decrease and the development of the non-oil sector could proceed swiftly."

The head of state went on to add that maximum transparency should be ensured in the economic and financial sectors.

"This transparency will allow the Azerbaijani economy to develop even more confidently, so that even larger foreign investments would be made in our non-oil sector, because the main reason for the improper level of foreign investment in this sector is the non-transparent environment. At the same time, it is necessary to take additional measures in legislation, despite the fact that our legislation is very favorable for attracting foreign investments. Otherwise, investments worth of more than $230 billion would not have been made in the country's economy. However, the imperative of the time dictates the need to further deepen reforms and ensure full transparency," said President Aliyev.