Baku: Azerbaijan is successfully transitioning from a resource-rich country to a more diversified, knowledge- and innovation-driven economy. In recent years, the country has undergone a profound economic and institutional transformation, setting an example for many countries, said Alexey Kim, Director External Affairs for Philip Morris International (PMI), during his speech at the 'TECHNOVATION: Science and Innovation for Sustainable Economic Transformation' conference held in Baku.

According to Azerbaijan State News Agency, although natural resources play a significant role in Azerbaijan's development, innovation, technology, and human capital are now becoming the key drivers of economic growth. The country's leadership predicted that advanced technologies are a key tool for development not only in the energy sector, but also in areas such as healthcare, infrastructure, and clean energy.