President of the Republic of Azerbaijan Ilham Aliyev has received a delegation of members of the Board of Directors of the Asian Development Bank led by member of the Board Kshatrapati Shivaji.

The head of state said the 48th Annual Meeting of the ADB Board of Governors was successfully held in Azerbaijan in 2015, stressing the importance of the event. President Ilham Aliyev pointed out effective cooperation between Azerbaijan and the Asian Development Bank, hailing the bank`s financing different infrastructure projects in the country. The head of state spoke of Azerbaijan`s success in the field of economy. The President said Azerbaijan is ranked third among developing countries and first among CIS countries in the Inclusive Development Index 2018. President Ilham Aliyev also said Azerbaijan is ranked 35th in the world and first among CIS countries in the World Economic Forum`s global competitiveness report.

Highlighting the country`s transit opportunities, the head of state said large-scale transport projects increase Azerbaijan`s transit potential. The President said considerable work has been done to modernize railways, noting the significance of the Baku-Tbilisi-Kars railroad and New Baku International Sea Trade Port.

Member of the Board of Directors of the Asian Development Bank Kshatrapati Shivaji congratulated the head of state on his victory in the presidential election. He pointed out successful cooperation between Azerbaijan and the Asian Development Bank, hailing realization of the Southern Gas Corridor as a good example of this cooperation and describing the corridor as a vital project. Kshatrapati Shivaji said that although many projects implemented in the world require larger funding than initially planned, the Southern Gas Corridor, on the contrary, saw less spending than initially budgeted thanks to effective implementation of works.

Kshatrapati Shivaji said their visit to Azerbaijan aims to study the country`s development needs and define strategic directions for increasing the effectiveness of the bank`s activities. He praised maintenance of the macroeconomic and financial stability in Azerbaijan and the country`s economic success and reforms against a background of global financial and economic difficulties.

President Ilham Aliyev thanked for the congratulations on his victory in the election. The head of state said the greater part of the Southern Gas Corridor project has already been implemented, adding that the project is of global importance to entire Eurasia. The President emphasized the Asian Development Bank`s role as the first international financial institution that supported the Southern Gas Corridor project.

President Ilham Aliyev also noted the importance of the launch of TANAP project, expressing his confidence that the project will make a considerable contribution to Europe`s energy security.

President Ilham Aliyev highlighted large-scale works done in the non-oil sector in Azerbaijan, saying the country has great plans and expressing his hope that the successful cooperation will be maintained with the Asian Development Bank in this regard.

The issues relating to the employment strategy, the Asian Development Bank`s strategy for 2019-2023, and the current state and prospects of Azerbaijan-ADB cooperation were discussed during the meeting.