Baku: In January-August of this year, Azerbaijan’s trade turnover with the member states of the Organization of Islamic Cooperation (OIC) was close to $6 billion, said Deputy Minister of Economy Elnur Aliyev during his speech at the Azerbaijan Halal Business Forum, APA-Economics reports. He stated that currently, approximately 11,000 companies from the OIC countries operate in Azerbaijan.
According to Azeri-Press News Agency, this number not only reflects mutual interest and the depth of relations but also confirms Azerbaijan as an important economic partner and enterprising nation within the organization’s sphere. As a result of socio-economic reforms carried out recently, Azerbaijan has established a favorable business and investment environment. Between 2004 and 2024, over $344 billion was invested in the Azerbaijani economy, with more than $213 billion directed towards the non-oil sector. Documents related to projects worth upwards of $10 billion were signed during the First Azerbaijan Investment Forum held in August of this year, demonstrating high international investor confidence in the country’s security, stability, and economic potential.
Deputy Minister Aliyev highlighted that the share of the non-oil sector in GDP has reached 68%, with expectations for further growth by year-end. The private sector currently accounts for 81% of Azerbaijan’s GDP. Additionally, Azerbaijan has active mutual investment protection agreements with 43 countries. Preferential trade agreements with Turkey and Pakistan, alongside 12 existing free trade agreements with neighboring and regional countries, provide new opportunities for entrepreneurs. Azerbaijan’s strategic geographical location and modern logistics infrastructure, including the Baku International Sea Trade Port, Alat Free Economic Zone, railways, and transit corridors, position the country as a hub for regional economic activity.
The deputy minister also mentioned the rapid global development of the halal industry. Research indicates the halal food market was valued at $1 trillion in 2023 and is projected to exceed $3 trillion by 2028. Factors such as quality, health, and reliability are driving increased demand for halal products. Azerbaijani entrepreneurs are expected to secure a significant position in this expansive market.