‘One of the main challenges facing our oil and gas-rich country is to direct the revenues generated from these resources towards diversifying the economy. In this regard, the development of the non-oil industry and the creation of a favorable ecosystem that promotes this development are the focus of our economic policy. Naturally, our industrialization policy must be sustainable and, for this purpose, should primarily respond adequately to global challenges and trends,’ Minister of Economy of the Republic of Azerbaijan Mikayil Jabbarov said during his speech at the 1st Meeting of Ministers in Charge of Science, Technology, Industry and Innovation of the Organization of the Turkic States held in Istanbul, APA’s Trkiye correspondent reports.
According to the minister, in this regard, the COP29 event, which will be hosted by Azerbaijan, is important both in terms of aligning the country’s industrial policy with global challenges and Azerbaijan’s contribution to global efforts in this field. “At COP29, Azerbaija
n takes part in various global initiatives. I would particularly like to emphasize the Baku Initiative on Climate Finance, Investment, and Trade Dialogue (BICFIT). This initiative aims to strengthen efforts towards ‘green’ diversification by implementing trade and investment policies in a coordinated manner,’ the minister highlighted.
Source: Azeri-Press News Agency