“Our economy is developing on the basis of the leading role of the private sector. Since 2020, our non-oil and gas economy has grown by an average of 5% annually, and its share in GDP reached 72% in 2025,” Economy Minister Mikayil Jabbarov said during a speech at the Azerbaijan-Cambodia business forum held in Baku, APA-Economics reports.
According to him, over the past 20 years, Azerbaijan has attracted more than $350 billion in investment, half of which accounted for foreign direct investment: “The private sector has been the main driving force of economic growth. Over the past eight years, the number of jobs in Azerbaijan’s private sector has doubled, while our non-oil and gas exports have also doubled over the past six years. That is why we continue to introduce new support mechanisms for entrepreneurs. Business entities can benefit from concessional loans, credit guarantees, and subsidized interest rates on loans. The government also compensates up to 70% of exporters’ transportation and logistics costs in order to ensure that Azerbaijani products enter foreign markets at more competitive prices.”
“We are working to create a favorable investment environment through industrial parks. I highly appreciate the opportunity to exchange experience on a similar, attractive, and efficient regime that also exists in friendly Cambodia. The Alat Free Economic Zone, located near the Port of Baku, offers a special legal and tax framework for export-oriented production and high value-added services. Entrepreneurs who receive an investment promotion document benefit from tax and customs exemptions for seven years,” the minister noted.
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