Baku: Azerbaijan's Minister of Economy, Mikayil Jabbarov, revealed a significant increase in investments within the country's non-oil and gas industry during a recent Tax Forum.

According to Azerbaijan State News Agency, investments in this sector have surged by up to 26 percent, marking a notable shift in the nation's economic landscape.

Mikayil Jabbarov stated that last year, inflows from the non-oil-and-gas private sector accounted for 76 percent of the sector's overall inflows. By 2025, investments in fixed capital directed to this sector are expected to increase by 11.1 percent, while foreign-sourced investments in fixed capital are projected to rise by 24 percent. Between 2021 and 2025, value added in this field grew by an average of 8 percent annually, resulting in the sector's share in GDP rising from 58.3 percent in 2018 to 71.5 percent in 2025. He emphasized that economic diversification forms the basis of Azerbaijan's strategic goals, with the non-oil-and-gas sector becoming the main driver of economic growth.

Jabbarov further highlighted that from 2021 to 2025, the average annual real growth of GDP in the non-oil-and-gas sector was 5.9 percent, serving as the main source of economic expansion. The private sector plays a major role in this diversification, supported by active state policies. Recent years have seen state support manifesting through tax and customs concessions. This strategic approach has led to significant qualitative and structural changes in the national economy, along with an increased share of private sector tax revenues.