The example of Azerbaijan can be interesting for many countries, said President Ilham Aliyev.
He made the remarks speaking at the opening of the 23rd International Caspian Oil and Gas Exhibition and Conference and the 6th Caspian International Power and Alternative Energy Exhibition. The events kicked off in Baku on June 1.
"This year, we will mark the 25th anniversary of restoring our independence," he said.
Over 25 years, Azerbaijan has proved that it can exist as an independent country, can be a master of its destiny and build normal relations with all countries, said Ilham Aliyev.
"Most importantly, we have very clear and precise views of the future," he added.
"Currently, we are seriously involved in the implementation of the Southern Gas Corridor project," said President Aliyev.
"Meanwhile, probably, we are more seriously involved in economic diversification in order to completely overcome the dependence on the oil factor and to ensure sustainable economy in Azerbaijan," he added.
"There is much to do in this sphere and 2016 is a test year for us and for all oil-rich countries," said President Aliyev.
The oil prices have repeatedly dropped this year and naturally, it is a test for all countries, he said.
Ilham Aliyev said he believes that Azerbaijan is undergoing this test with dignity, adding that 2016 should be a year of stabilization.
"We are already witnessing it," he said. "The economic growth will be restored next year."
"We have lived under the conditions of highest economic growth over the last ten years. Azerbaijan's economy has grown more than threefold," said Ilham Aliyev. "Naturally, our economy, our people have accustomed to this. Now a new period begins."
"We can and are getting out of any situation with our head held high. Our main task is to ensure that the Azerbaijani people wouldn't suffer from the ongoing crisis in the world," said President Aliyev.
For this purpose, all the social programs are being implemented, the wages and pensions have been increased by 10 percent, the work is underway to create social infrastructure and of course, a good ground is created for the future, added the president.
Further, the president pointed out that the lower oil prices have created a stressful situation.
"I believe that it was beneficial for us. Many structures, including the state structures were accustomed to receive large amount of funds for the implementation of various projects," said President Aliyev. "We are now going frugal on these issues and funds are allocated only for priority issues."
"The primary funds should come from the private sector. Domestic and foreign investors are making investments and trust us. I believe that over these years, we have gained good reputation as a reliable partner," said the president.
"As you know, all the contracts in the oil sphere have been signed on the basis of share distribution. We can't and have no intention to change any single dot or comma there," said Ilham Aliyev. "This increases trust. Like in the oil sector, the transparency and forecasting tendencies should even more strengthen in all other spheres as well."