ISTANBUL: Azerbaijan is prioritizing the development of its non-oil industries and creating a favorable ecosystem for economic diversification, according to the country’s Minister of Economy. Speaking at the 1st Meeting of Ministers in Charge of Science, Technology, Industry, and Innovation of the Organization of the Turkic States, held in Istanbul, Minister Mikayil Jabbarov emphasized the importance of utilizing revenues from the oil and gas sector to support these goals.

According to Azeri-Press news agency, Minister Jabbarov noted that the strategic focus on non-oil industry development is a key component of Azerbaijan’s economic policy. He stressed the need for a sustainable industrialization policy that responds to global challenges and trends. The minister also highlighted the significance of COP29, an upcoming event in Azerbaijan, as a platform to align the country’s industrial policies with global expectations and demonstrate its commitment to international initiatives.

Minister Jabbarov pointed ou
t the role of the Baku Initiative on Climate Finance, Investment, and Trade Dialogue (BICFIT) in promoting ‘green’ diversification. This initiative is designed to enhance efforts through coordinated trade and investment policies, reinforcing Azerbaijan’s commitment to global environmental and economic goals.