Baku:Mikayil Jabbarov, Azerbaijan’s Economy Minister, announced significant growth in the country’s non-oil and gas sector during a speech at the Azerbaijan-Cambodia business forum. The event was held in Baku, where he highlighted that the non-oil and gas sector has grown by an average of 5% annually since 2020 and now accounts for 72% of the GDP as of 2025.
According to Azeri-Press news agency, Jabbarov emphasized the crucial role of the private sector in driving economic development. Over the past two decades, Azerbaijan has seen more than $350 billion in investments, with half being foreign direct investment. The minister noted that in the last eight years, the number of jobs in the private sector has doubled, as have non-oil and gas exports in the past six years.
Jabbarov also outlined government initiatives to support entrepreneurs, including concessional loans, credit guarantees, and subsidized interest rates. The government compensates up to 70% of transportation and logistics costs for exporters to enhance the competitiveness of Azerbaijani products in foreign markets.
Additionally, Jabbarov spoke about efforts to create a favorable investment environment through industrial parks and highlighted the Alat Free Economic Zone near the Port of Baku. This zone provides a special legal and tax framework for export-oriented and high value-added services, offering tax and customs exemptions for seven years to entrepreneurs with investment promotion documents.