A very serious transformation is taking place in Azerbaijan's economy, Azerbaijan's Finance Minister Sahil Babayev said at the Business Forum organized as part of the 28th Annual Meeting of the Board of Governors of the Black Sea Trade and Development Bank (BSTDB), APA-Economics reports.
"If we look at the final figures for last year, we will see that 71% of Azerbaijan's economy is the non-oil sector. While oil remains one of the drivers of our development, our non-oil sector is also developing very rapidly and across a very broad spectrum. In ensuring this development, of course, expanding financial opportunities is also of great importance. On the one hand, there are projects implemented through state funds, on the other hand, the resources of our local investors, the financial instruments provided by our local banks, and at the same time, the financial resources of international financial institutions are among the main drivers ensuring this development," the minister noted.
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