“The non-oil and gas sector, a key driver of our economic policy, grew by an average of 6.7 percent annually between 2021 and 2024, and its share in the overall economy has increased to 68 percent,” said Azerbaijan’s Minister of Economy Mikayil Jabbarov during the 2nd National Competitiveness Forum held in Baku.The minister noted that this figure is expected to reach 70 percent by the end of this year.
“Non-oil exports have nearly doubled over the past six years. Thanks to reforms carried out under the leadership of President Ilham Aliyev, the business environment in the country has improved, entrepreneurs’ competitiveness has increased, Azerbaijan’s international prestige has strengthened, and favorable conditions for attracting local and foreign investments have been created.
“The August 8 peace deal in the United States will further accelerate these processes. It will enhance transit relations and raise global interest in Azerbaijan’s economy. Strengthening regional integration will contribute significantly to economic development, diversify the non-oil sector, and support its long-term competitiveness,” the minister added.