Minister says hosting Industrial Revolution Network center to boost Azerbaijan’s economy

By Ayya Lmahamad

Economy Minister Mikayil Jabbarov has hailed Azerbaijan’s hosting a center of the 4th Industrial Revolution Network Cooperation.

“Hosting a center of the 4th Industrial Revolution Network will be an asset to Azerbaijan. Cooperation with leading companies will provide development of non-oil sector, diversification & digitalization of economy and further increase international influence of our country,” Jabbarov wrote in his Twitter page on February 15.

Another Tweet by Jabbarov posted on the same day, reads: "Business environment will be further improved in Azerbaijan. The measures will be taken to achieve SME's  significant share in GDP, promote their participation in public procurement and to boost business transparency.

Earlier, Jabbarov stated that one of the main tasks of the ministry is the expansion of non-oil exports and the accelerated development of this area. In this regard, it is planned to develop a concept that will contribute to the non-oil export growth.

The excise incomes from the non-oil sector in Azerbaijan in 2020 amounted to AZN 397.2 million ($233.6M), which is by 18 times higher than in 2017.

It should be noted that Azerbaijan exports over 120 types of products and the volume of non-oil exports are expected to double by 2025.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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