Baku: As a result of the reforms carried out under the leadership of President Ilham Aliyev, Azerbaijan is witnessing improvements in its economic environment and an increase in the competitiveness of its entrepreneurs, Azerbaijan’s Minister of Economy, Mikayil Jabbarov, stated during his speech at the 2nd National Competition Forum held in Baku.
According to Azeri-Press News Agency, the minister emphasized that Azerbaijan’s international reputation is strengthening, and a favorable environment is being created for both local and foreign investments. The agreements signed in the United States and the new phases are increasing economic interest, which holds substantial importance for the region. The main focus of economic policy is now the non-oil sector, which has recorded an average annual growth of 6-7% from 2021 to 2024. The share of the non-oil sector in the economy has reached 68%, with expectations to approach 70% by the end of the year. Export levels have also nearly doubled, yet diversification and strengthening the competitive environment remain primary goals.
The minister pointed out the growing interest of the private sector in non-oil areas, with investments in fixed capital reaching 8.2 billion manats in the first eight months of 2024. Investments from foreign sources have increased by 36% compared to the previous year. The private sector’s share in the economy has reached 81% due to entrepreneurship support mechanisms. Notably, women’s entrepreneurship is on the rise, with the number of women entrepreneurs increasing by 70% in the first half of the year, nearing 330,000.
The minister reiterated that economic diversification is a key priority, as emphasized by the president. This requires knowledge, skills, human capital, and the adoption of modern technologies for the production of new goods and services. For these initiatives to succeed, a competitive environment is essential.