"Thanks to the implementation of advanced incentives, public–private partnership mechanisms, and ongoing reforms, the private sector’s share in Azerbaijan’s economy stands at 81.4%," said Elnur Aliyev, Deputy Minister of Economy during his speech at the “Support Award” presentation ceremony, APA-Economics reports.
He noted that in the first nine months of this year, the volume of foreign direct investments in the Azerbaijani economy exceeded USD 4.7 billion:
“This is approximately 5% higher compared to last year. During the first 11 months of this year, investments by the private sector in the non-oil sector increased by around 17%, reaching nearly AZN 4.2 billion. Investments from foreign sources have grown in our country. In particular, foreign-sourced investments in fixed capital during January–November of this year increased by 27% compared to the same period last year.”
He emphasized that industrial development is a priority for enhancing the competitiveness of the national economy. During the first 11 months of this year, over 70% of industrial production in Azerbaijan was accounted for by the private sector.
Moreover, the development of inclusive entrepreneurship has facilitated women’s participation in business initiatives. As a result, by the first nine months of this year, the number of women entrepreneurs in Azerbaijan increased to nearly 339,000.
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