Azerbaijan is transforming into an important international transport hub, President Ilham Aliyev said.


"We have started up major projects to bolster Azerbaijan's transit potential. The construction of the Baku-Tbilisi-Kars rail line is expected to end this year. The project will cut the time of goods' delivery from China to Europe from 25-30 days to 12-15. Meanwhile, Azerbaijan has finalized construction works in its segment of the North-South transport corridor. Our country is therefore transforming into a key transport hub," Aliyev said in an article published on the official website of the World Economic Forum.


Further economic diversification through the development of the non-petroleum sector is a priority of Azerbaijan's economic policy, he said.


"Industrial parks and zones are being created for developing the industrial sector. A number of plants will be started up in 2018 in the Sumgait chemical industrial park with a total investment nearing $2 billion. The output of cotton, tobacco, hazelnuts, tea, silk cocoons and other export products will grow, and new agricultural parks and large facilities will be created," the president said.


The quality of communication services will improve, and the country's potential as an information transit corridor will increase, he said.


"The launch of online visa services and a tax-free system in addition to major events, such as the European Games and F1 racing, is largely contributing to the national tourism sector," he said.


At the same time, Aliyev indicated obstacles to national economic development. "The ongoing global economic crisis has had an impact on the Azerbaijani economy; national revenue has declined, and the national currency suffered a 10.1% devaluation last year. Yet we successfully overcome these obstacles through relevant measures," Aliyev said, adding, "a strategic roadmap has been adopted to ensure sustainable development, and all-inclusive structural institutional, monetary, financial and other reforms have been carried out. Tax and customs administration has been improved, and transparency has been provided in all spheres. For instance, the collection of customs duties has increased by 53% despite a decline in foreign trade turnover," the president said.


The chief of state also pointed to Azerbaijan's successes in multiculturalism, sports and large events.

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