On April 12th President of Azerbaijan Ilham Aliyev presided over a Cabinet`s meeting to discuss results of the socio-economic development in the first quarter 2011.
The meeting started with opening remarks of the Head of State who said the country`s economy `successfully` developed in the first quarter.
He pointed out the economy saw the growth in the non-oil sector, adding the main aim is to boost this sector and reduce dependency on the oil and gas industry.
According to the Azerbaijani leader, first three months of the year saw a 0.3% rise in industrial production, fueled by the 9.8% increase in the non-oil sector. President Aliyev pointed out oil production touched the high level to be followed by the growth in the gas production in the years to come.
President went on to say that the country`s monetary reserves, which reached USD 34.7 billion, are expected to surge by the end of the year. All these processes go on in the light of implementation of great investment projects, in what the President believes are an indicator of economic and financial strength.
President Ilham Aliyev pointed out the information and communications sector is developing very rapidly, saying a satellite launch program is being implemented.
The Azerbaijani leader noted the country produces a wide range of defense-related products.
On the Nagorno-Karabakh conflict, the Head of State underlined the country`s position on the dispute is based on international law and Azerbaijan`s territorial integrity must be restored without prerequisites.
The President`s opening speech was followed by reports of Head of the State Customs Committee Aydin Aliyev, Chairman of the State Social Protection Fund Salim Muslumov and Chief of the State Migration Service Arzu Rahimov who told of the activity of their agencies in the first quarter of the current year.
In his closing remarks, President Ilham Aliyev underscored the need to put all necessary measures in place as rising oil prices can drive inflation risks up.
He also found the need to undertake measures to step up monitoring of consumer prices and fight against monopoly both in import and domestic production. The President said combat against corruption and graft brings `good` results and is supported by the people.
The Head of State pointed out public order is safeguarded `very well`, security measures are `strong` and crime situation is `good`.
He highlighted the need to make additions to the state budget for implementation of all projects scheduled.

AzerTAc