Economy Minister Mikayil Jabbarov highlighted the importance of President Ilham Aliyev’s vision and commitment to reforms in the role of Azerbaijan’s economy during the panel session titled “Shaping the Future of Global Growth, Investment and Connectivity” at the Second Azerbaijan International Investment Forum, APA reports.
“I think this is reflected in a number of factors already mentioned today. One of them is the reduction of dependence on oil. Of course, diversification plays an important role here. Economic buffers have a special role here. These buffers have enabled us to remain resilient to events that affected us not only in 2026 but also in 2022, particularly the processes taking place in the region and those in which we interact with one another.”
The Minister said that amid high energy prices, Azerbaijan had reduced the share of transfers from the State Oil Fund to the state budget by more than 4.5%.
According to the Minister, artificial intelligence could help increase the productivity of both the economy and individual citizens. At the same time, he said that the impact of artificial intelligence on the labor market and jobs is one of the key challenges ahead.
He also emphasized the importance of economic partnerships with Central Asia and the Gulf region for Azerbaijan. He noted that the country focuses not only on attracting foreign investment but also on Azerbaijani companies investing abroad.
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