Baku: A very serious transformation is taking place in Azerbaijan's economy, Azerbaijan's Finance Minister Sahil Babayev said at the Business Forum organized as part of the 28th Annual Meeting of the Board of Governors of the Black Sea Trade and Development Bank (BSTDB), APA-Economics reports.

According to Azeri-Press News Agency,the Finance Minister highlighted that 71% of Azerbaijan's economy is now driven by the non-oil sector, marking a significant shift from the country's historical reliance on oil. While oil continues to be a critical component of Azerbaijan's development, the rapid expansion of the non-oil sector across various industries is notable. The minister emphasized the importance of expanding financial opportunities to support this growth.

He further explained that the development of the non-oil sector is fueled by a combination of projects funded by state resources, investments from local stakeholders, and financial instruments offered by local banks. Additionally, international financial institutions play a key role by providing essential financial resources that drive the sector's progress.