Azerbaijan's economy is entering a qualitatively new stage of development, Deputy Minister of Energy Elnur Soltanov said at the event "Technovation – Science and Innovation for Sustainable Economic Transformation" held in Baku, APA-Economics reports.
According to him, the stabilization of oil production in the country and the fact that the sharp growth rate in gas production observed in 2023-2025 is unlikely to continue in the future make new approaches to economic development necessary.
E. Soltanov stated that the main goal of economic policy should not simply be diversification, but ensuring sustainable and continuous economic growth.
According to the Deputy Minister, while economic diversification is important, it is not a goal in itself, but a means to strengthen economic stability and growth.
He noted that the development path taken by SOCAR in recent years is one of the best examples of this transformation.
"Today, SOCAR no longer only processes and sells its own oil and gas. The company operates across the value chain in Azerbaijan, Georgia, Türkiye, and European countries, including Italy. SOCAR now exports expertise, not oil and gas," E. Soltanov emphasized.
According to him, one of the main indicators of the country's economic development is the ability to sell the knowledge and skills formed in human capital on international markets.
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