Azerbaijan: Azerbaijan's economy is entering a qualitatively new stage of development, Deputy Minister of Energy Elnur Soltanov announced at the event "Technovation - Science and Innovation for Sustainable Economic Transformation" held in Baku, APA-Economics reports.

According to Azeri-Press News Agency, Elnur Soltanov emphasized the need for new approaches to economic development, given the stabilization of oil production in the country and the unlikely continuation of the sharp growth rate in gas production observed in 2023-2025. Soltanov stated that the primary goal of economic policy should focus on ensuring sustainable and continuous economic growth rather than merely diversifying the economy.

While acknowledging the importance of economic diversification, Soltanov clarified that it is a means to strengthen economic stability and growth, rather than an end in itself. He highlighted the development path of SOCAR as a prime example of this transformation. In recent years, SOCAR has expanded beyond processing and selling its own oil and gas, and now operates across the value chain in Azerbaijan, Georgia, Turkey, and several European countries, including Italy. SOCAR has shifted its focus to exporting expertise rather than just oil and gas.

Soltanov further noted that a key indicator of the country's economic development is the ability to market the knowledge and skills developed in human capital on international markets.