The Korea Trade-Investment Promotion Agency (KOTRA) has published an article highlighting the successes of the economic policy implemented under the leadership of President Ilham Aliyev. The article, titled “Summary of the Achievements of President Ilham Aliyev in 2019,” emphasizes the main drivers of economic growth, with particular focus on the notable expansion of the non oil sector.

According to the article, Azerbaijan’s gross domestic product increased by 2.2 percent in 2019, while non oil production grew by 3.5 percent. In addition, as a result of government reforms, increased private sector investment, and the provision of low interest loans and subsidies, non oil exports recorded a 14 percent increase.

The analysis released by KOTRA notes that despite allocations made to address non performing loans and strengthen the social protection system, annual inflation stood at only 2.6 percent, while income growth reached 7.4 percent.

Azerbaijan’s foreign exchange reserves increased by 6.4 billion US dollars year on year, reaching a record level of 51 billion US dollars.

The article prepared by KOTRA provides a comparative analysis of the Azerbaijani government’s support for the financial sector, diversification of agricultural development, tourism growth, expansion of foreign trade relations, investments by the oil fund in low risk assets, and participation in internationally significant oil and gas projects. Citing the Executive Director of CAERC, Vusal Gasimli, the analysis states that the reforms carried out under the leadership of President Ilham Aliyev will ensure sustained economic growth in Azerbaijan.