Baku: In an exclusive interview with Public Television and the Azerbaijan State News Agency, Mikayil Jabbarov, Azerbaijan's Minister of Economy, elaborated on the nation's economic resilience and strategic focus on the non-oil and gas sector. Jabbarov emphasized that the non-oil and gas industry has already become the primary driving force of Azerbaijan's economy, demonstrating the success of diversification efforts and strategic policy implementations.
According to Azerbaijan State News Agency, the Azerbaijani economy's strong macroeconomic resilience is bolstered by substantial foreign exchange reserves and low external debt. This economic foundation provides immunity against global shocks, allowing the country to pursue a diversified and export-oriented economic model. Jabbarov highlighted that Azerbaijan's economy is now less dependent on oil and gas, with the non-oil sector constituting 71.5 percent of the GDP, a significant increase from two decades ago.
Jabbarov outlined several priority sectors within the non-oil economy, including the industrial sector, mining, the chemical industry, agriculture, and services like transport and logistics. He also noted Azerbaijan's strategic geographic location and favorable climate as advantages for agriculture and trade. The nation's robust infrastructure and energy resources further support industrial growth.
The minister emphasized the importance of private investment, particularly in areas where Azerbaijan has competitive potential. He cited the expansion of preferential trade agreements with countries like Trkiye, the UAE, and Pakistan as a means to broaden export markets. Jabbarov also addressed the importance of attracting private investment to boost production capabilities and reduce costs through modern technologies.
In the context of digitalization and artificial intelligence, Jabbarov stressed their role as essential components of economic activity. He noted that Azerbaijan is advancing in these areas, with initiatives like the Digital Development Council and the development of data centers and artificial intelligence applications.
Jabbarov also discussed the reintegration of Garabagh and East Zangezur into Azerbaijan's economic life, highlighting industrial parks and mining as key areas for development. He underscored the importance of creating employment opportunities and sustaining economic activity in these regions.
Finally, Jabbarov spoke about the state's efforts to support entrepreneurship through various incentives and the importance of maintaining a dialogue with entrepreneurs to address their challenges. He highlighted the growth in private investment as a positive indicator of economic prospects and favorable conditions in Azerbaijan.