The implementation of the multi-sectoral economic strategy will allow opening 372,375 new jobs in Azerbaijan's capital city Baku within the framework of the Master Plan. In the long-term perspective, innovative and sustainable economic sectors that will reduce dependence on the oil and gas sector have been identified, this was reflected in the Master Plan for the Development of the City of Baku until 2040, APA-Economics reports.
It was noted that in accordance with the national programs on diversification of the economy, it is proposed to introduce a phased approach within the framework of the new urban economy concept. The established areas that will continue to form the basis of Baku's economy must be consolidated and modernized. At the same time, in order to transform Baku into a Regional Knowledge Center, new high value-creating areas and emerging economic sectors must be developed.
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