Baku: President of Azerbaijan Ilham Aliyev has addressed the participants of the First Azerbaijan International Investment Forum held in Baku today, APA-Economics reports. The address emphasized the strategic importance of the forum as a platform for enhancing cooperation, fostering new partnerships, and attracting investments to Azerbaijan.
According to Azeri-Press News Agency, President Aliyev highlighted the substantial economic developments since Azerbaijan gained independence, underscoring the country’s focus on collaboration with foreign investors and significant projects with global companies. He noted that the Azerbaijani economy has received investments totaling $344.4 billion from 2004 to 2024, with $213.2 billion directed towards non-oil sectors. This investment reflects the confidence foreign investors have in Azerbaijan’s security and stability.
Thousands of foreign-capital businesses are currently active in Azerbaijan, contributing significantly to a competitive and sustainable economy. The President acknowledged the role of the “Contract of the Century,” initiated by National Leader Heydar Aliyev, in establishing a foundation for large transnational projects and logistical hubs between Asia and Europe.
With the country’s territorial integrity secured, Azerbaijan is focusing on economic diplomacy to expand non-oil sectors and national tourism. Economic growth in Azerbaijan has become a stable trend, with the non-oil sector growing by an average of 6.7% annually between 2021 and 2024. The non-oil exports have nearly doubled in the last six months, demonstrating increasing competitiveness.
Azerbaijan has developed a modern production infrastructure, including nine industrial parks and four industrial sites, hosting 171 enterprises and creating nearly 11,000 jobs. The private sector now accounts for 81.4% of the economy, driven by innovative ideas, public-private partnerships, and economic reforms.
Strategically located, Azerbaijan serves as a regional economic hub, with increasing transit volumes through the Middle Corridor. The development of the Zangezur corridor and other infrastructure projects like the Baku International Trade Sea Port and Alat Free Economic Zone offer investors direct access to global markets.
Azerbaijan’s energy policy strengthens its international economic position, with partnerships in both fossil fuels and renewables. The country is advancing its green economy through solar and wind projects, particularly in Karabakh and Eastern Zangezur.
The President emphasized the rule of law, political stability, and investment protection as key factors in economic policy, creating a favorable environment for investors. Azerbaijan remains committed to supporting business projects and partnerships that bring technology, investment, and experience to the country.
The First Azerbaijan International Investment Forum marks a new chapter in cooperation and investment. President Aliyev invited participants to bring their capital, technology, and ideas to Azerbaijan, expressing confidence that the forum will lead to successful collaborations and regional prosperity.