Baku: Oil and gas have a significant share in Azerbaijan’s GDP. But this share is already below 50%. In our exports, the share of oil and gas is still large, Deputy Minister of Economy Samad Bashirli said during a panel discussion at the Azerbaijan International Investment Forum, APA-Economics reports.
According to Azeri-Press News Agency, Bashirli highlighted that the country’s non-oil exports have doubled in the past six years. He stated, “Our main problem for the oil and gas economy is diversification. Our goal is diversification. We started diversifying our economy many years ago. We have achieved this to some extent. But we are still continuing this process.”
The Deputy Minister’s remarks underscore the government’s ongoing efforts to reduce reliance on oil and gas revenues. The initiative aims to bolster other sectors of the economy, thereby ensuring more sustainable and balanced economic growth in the future.