Minister: Azerbaijan's non-oil exports up by more than 16%

Azerbaijan engaged in the trade with 145 countries in the 11 eleven months of 2010. The country's foreign trade turnover increased by 34.8% and amounted to $25.1 billion, and surplus - $13.7 billion, Economic Development Minister Shahin Mustafayev said on Friday at the Cabinet of Ministers' meeting dedicated to the socio-economic development in 2010 and the upcoming challenges in 2011. The meeting was chaired by President Ilham Aliyev, the AzerTac state news agency reported.

Mustafayev said the non-oil exports, which has special significance for the country, increased by more than 16%.

"On the backdrop of ongoing tense situation in the world, 2010, as previous years, was successful for Azerbaijan. The country's GDP grew by 5% and exceeded 41 billion manat. The average annual inflation was kept at a manageable level - at 5.7%. The country's strategic currency reserves increased by 50% and reached $ 29 billion since early 2010, which is a guarantee for sustainable development," Mustafayev said.

He said the industrial sector grew by 2.6%, and 51 million tons of oil and 27 billion cubic meters of gas were produced in the country. During the report period, the country ensured the dynamic development of the non-oil sector and its real growth rate exceeded the rate of overall growth, accounting for 7.56%; the figure hit 6.6% in non-oil industry, 29.7% - the telecommunications sector and 3.1% - cargo transportation.

The country has managed to provide itself with a number of food products. The State Grain Fund's reserves were increased to 500,000 tons to free grain prices from the negative impact and the imported wheat and flour were exempted from VAT.

"Over 160 new enterprises in the industrial, agriculture, services and trade sectors were opened in the country's regions. Some 112 of them used soft loans of the National Fund for Entrepreneurship Support (NFES)," Mustafayev said.

Mustafayev said in 2010, the NFES funded 1,430 investment projects with a total cost of 115 million manat through the country.


/Trend/