Baku: “Thanks to the implementation of advanced incentives, public-private partnership mechanisms, and ongoing reforms, the private sector’s share in Azerbaijan’s economy stands at 81.4%,” said Elnur Aliyev, Deputy Minister of Economy during his speech at the ‘Support Award’ presentation ceremony.
According to Azeri-Press News Agency, Aliyev noted that in the first nine months of this year, the volume of foreign direct investments in the Azerbaijani economy exceeded USD 4.7 billion. This represents approximately a 5% increase compared to last year. During the first 11 months of this year, private sector investments in the non-oil sector rose by around 17%, reaching nearly AZN 4.2 billion. Furthermore, investments from foreign sources have grown in the country, with foreign-sourced investments in fixed capital during January-November increasing by 27% compared to the same period last year.
Aliyev emphasized that industrial development is a priority for enhancing the competitiveness of the national economy. During the first 11 months of this year, over 70% of industrial production in Azerbaijan was accounted for by the private sector. Additionally, the development of inclusive entrepreneurship has facilitated women’s participation in business initiatives. Consequently, by the first nine months of this year, the number of women entrepreneurs in Azerbaijan increased to nearly 339,000.