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Qabil Ashirov

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Azerbaijan’s National Development Strategy through 2030 envisages further economic diversification driven by the private sector, Economy Minister Mikayil Jabbarov said.

Speaking at the second Azerbaijan International Investment Forum in Baku on Friday, Jabbarov said industrial production, services and investment in human capital would be among the strategy’s key priorities.

“Further diversification of the national economy should be led by the private sector. Priority should be given to areas such as the development of industrial production and services, while greater attention should also be paid to human capital and investment in people so that they are prepared for the changes taking place,” Jabbarov said.

He noted that the energy transition and artificial intelligence would play an important role in implementing the strategy, including by increasing economic productivity and improving the delivery of public services.

According to the minister, ensuring access to long-term financing and developing capital markets will be another key priority through 2030.

“Regional cooperation is of great importance because a significant part of the strategy is export-oriented. We cannot allow ourselves to be limited by our domestic market,” Jabbarov said.

He highlighted the particular importance of the Middle Corridor, emphasizing that its role extends beyond the transportation and transit of goods.

“The Middle Corridor is not merely a means or route for transporting or transiting goods. It is also about joint processing, establishing hubs, creating a favorable environment, developing a regional financial center and financial resources, as well as joint investments,” he said.

Jabbarov said these areas constitute part of the objectives of Azerbaijan’s National Development Strategy through 2030.

The second Azerbaijan International Investment Forum is currently being held in Baku.

The two-day event is organized by Azerbaijan’s Ministry of Economy and the Azerbaijan Export and Investment Promotion Agency (AZPROMO), with European House-Ambrosetti as its strategic partner.

This year’s forum, titled “Restoring Trust in a Fragmented World: The South Caucasus as a Pillar of Global Connectivity and Investment Stability,” brings together leading global investors, government officials, international financial institutions and business leaders.