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Minister: Agreements signed in the U.S. hold significant importance for the region

Minister of Economy of Azerbaijan, Mikayil Jabbarov

03 October 2025 11:27 (UTC +04:00)

As a result of the reforms carried out under the leadership of President Ilham Aliyev, we are witnessing the improvement of Azerbaijan’s economic environment and the increase in the competitiveness of entrepreneurs, Minister of Economy of Azerbaijan, Mikayil Jabbarov, said during his speech at the 2nd National Competition Forum held in Baku, APA-Economics reports.

He noted that Azerbaijan’s international reputation is strengthening, and a favorable environment is being created for both local and foreign investments: “The agreements signed in the United States and the new phases increase economic interest, and these processes as a whole are also of great importance for the region. Today, the main driving force of economic policy is the non-oil sector. From 2021 to 2024, an average annual growth of 6–7% has been recorded in the non-oil sector. This is a good indicator, but we are looking for ways to accelerate the pace even further. Currently, the share of the non-oil sector in the economy has reached 68%, and we forecast that this figure will approach 70% by the end of the year. Exports have also almost doubled, but the base indicators are still low. Therefore, diversification of the economy and strengthening of the competitive environment are our main goals.”

He noted that the private sector's interest in non-oil areas is increasing: “In the first 8 months of 2024, investments directed to fixed capital amounted to 8.2 billion manats. Investments from foreign sources have increased by 36% compared to the previous year. As a result of entrepreneurship support mechanisms, the private sector’s share in the economy has reached 81%. In particular, the rise in women’s entrepreneurship is a pleasing development — in the first half of this year, the number of women entrepreneurs increased by 70%, approaching 330,000.”

“As the president has emphasized, economic diversification is a key priority. This requires knowledge, skills, human capital, and the adoption of modern technologies for the production of new goods and services. For all of this to succeed, the right environment—namely, a competitive environment—is essential,” the minister added.