Baku:Human capital development is a crucial component of Azerbaijan's long-term development strategy, according to Minister of Labor and Social Protection of the Population, Anar Aliyev. Speaking at the 'Investing in Human Capital and Skills of the Future' panel during the Azerbaijan International Investment Forum, Aliyev emphasized the importance of technological innovations on labor markets and business models.

According to Azeri-Press news agency, Aliyev underscored that improving social welfare is central to the strong social state concept under President Ilham Aliyev's leadership. Since 2018, five social reform packages have resulted in significant increases in social payments, benefiting 4 million people with an additional annual financial allocation of AZN 8 billion.

The minister noted significant progress in employment, with a 3.6-fold increase in employment opportunities, a 2.7-fold rise in self-employment program participation, and a 7.1-fold boost in vocational training involvement. Employment contracts have surged by 44.6% to 1.86 million, while the wage fund has expanded 3.4 times.

Digital transformation in the labor and social protection sectors has also advanced, with 90% of the ministry's services digitalized. The 'Labor and Employment' subsystem now facilitates 97% of employment contracts electronically. Aliyev stressed the importance of continuous human capital development, aligning professional and qualification standards with labor market needs and involving employers in training processes.

The development of 1,700 professional and qualification standards aims to align personnel training with market demands and foster a competitive workforce. Training in 175 professions is offered to unemployed individuals and jobseekers, with collaboration from 180 public and private institutions.

A significant focus is on creating sustainable cooperation among universities, employers, and government agencies to provide decent employment opportunities, particularly for young people, and enhance economic productivity and competitiveness. The panel also explored future skills, digital opportunities, and modern leadership approaches, emphasizing the role of human capital in Azerbaijan's economic diversification and competitiveness.