Baku: The current pace of economic growth does not correspond to Azerbaijan's potential and these indicators do not satisfy us, Economy Minister Mikayil Jabbarov said during his speech at the forum titled 'A Look into the Future of the Tax System: A New Management Model and Data-Driven Decisions.'
According to Azeri-Press News Agency, the minister emphasized that although Azerbaijan's foreign exchange reserves, low level of public debt, and fiscal indicators showcase the country's strong economic and financial foundations, the existing economic growth rates do not fully reflect the real potential of the national economy.
Jabbarov stated that the main goal of economic policy is to form new and more sustainable sources of economic growth. He highlighted the adoption of knowledge and technologies, the wider application of artificial intelligence, and data-driven decision-making mechanisms as avenues to create new opportunities for the innovative development of the economy.
He further revealed that within the framework of the 'Azerbaijan 2030' development vision, a new package of measures covering 2027-2030 is being prepared. This document has already undergone preliminary discussions at the Economic Council of the Republic of Azerbaijan.
The minister elaborated that the document aims to form an export-oriented economy, expand access to credit resources, and apply innovative approaches in economic policy. Plans include expanding trade partnerships to enable non-oil and gas products to enter new markets and strengthen positions in existing markets, alongside making more active use of the Alat Free Economic Zone and transport-logistics infrastructure opportunities.
Jabbarov also mentioned that macroeconomic stability, protection of investors' rights, and a favorable business environment are turning Azerbaijan into one of the region's reliable investment destinations. He added that amid positive trends in the economy, there are optimistic forecasts for the country's sovereign credit rating to increase and reach investment level.