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Number of companies belonging to OIC countries in Azerbaijan announced

07 October 2025 12:01 (UTC +04:00)

In January-August of this year, Azerbaijan's trade turnover with the member states of the Organization of Islamic Cooperation (OIC) was close to $6 billion, said Deputy Minister of Economy Elnur Aliyev during his speech at the Azerbaijan Halal Business Forum, APA-Economics reports.

He said that currently, approximately 11,000 companies from the OIC countries operate in Azerbaijan:

"This figure, in addition to showing mutual interest and the depth of relations, confirms that Azerbaijan is an important economic partner and an enterprising country in the organization's space. As a result of the socio-economic reforms implemented in recent years, a favorable business and investment environment has been created in our country. In 2004-2024, more than $344 billion was invested in the Azerbaijani economy, of which more than $213 billion was directed to the development of the non-oil sector. Documents related to projects worth more than $10 billion were signed within the framework of the First Azerbaijan Investment Forum held in August of this year alone. This fact demonstrates the high confidence of international investors in the security, stability and economic potential of our country."

E. Aliyev noted that currently the share of the non-oil sector in GDP has reached 68% and this indicator is predicted to increase further by the end of the year:

“The share of the private sector is already 81%. At the same time, Azerbaijan has agreements on mutual investment protection with 43 countries in force. Preferential trade agreements signed with Turkey and Pakistan, as well as 12 existing free trade agreements with neighboring and regional countries, open up new opportunities for entrepreneurs. Azerbaijan’s favorable geographical location and modern logistics infrastructure – Baku International Sea Trade Port, Alat Free Economic Zone, railways and transit corridors – make our country the center of regional economic policy.”

"The halal industry is developing rapidly on a global scale. According to research, the size of the halal food market amounted to $1 trillion in 2023 and is expected to exceed $3 trillion by 2028. Quality, health and reliability factors increase the demand for halal products. We believe that Azerbaijani entrepreneurs will also be able to take a worthy place in this large market," the deputy minister added.