Minister: National non-oil exports to exceed $1.2bn in 2021

15 November 2021 13:48 (UTC+04:00)

By Ayya Lmahamad

Azerbaijan's Economy Minister Mikayil Jabbarov has said that according to the forecasts, the country's non-oil exports will exceed AZN 2.2 billion ($1.2bn) by the end of 2021.

He made the remarks during the 25th International Business Forum, which kicked off in Baku on November 15.

The minister emphasized that the non-oil sector is the driver of Azerbaijan's economy.

Azerbaijan's GDP grew by 6.2 percent in the first nine months of this year, and increased by 1.4 percent compared to the same period of 2020, Jabbarov said.

He also added that the production in the industrial sector grew by 14.2 percent in the first nine months of 2021.

"We are sure that at this forum the industrial sector of Azerbaijan will attract new participants and we will be able to increase these figures even more. Export of products manufactured in industrial zones in nine months of this year exceeded AZN 320.5 million ($188.5M)," he said.

Jabbarov emphasized that IBF will help attract investments in the implementation of projects in Azerbaijan's liberated territories.

"This forum is a good platform for further increase of investment attractiveness of the country and development of small and medium-sized businesses. In addition, the forum will contribute to attracting investments in the implementation of projects on the liberated territories of Azerbaijan," he said.

Jabbarov noted that the reconstruction is currently underway on liberated territories at a rapid pace. The minister stated that major projects, such as the creation of industrial parks, are being implemented in Karabakh, which contributes to increasing the investment attractiveness of the region.

He added that following the development strategy for the next five years, projects will be implemented in Azerbaijan to promote the development of the private sector.

"We will be glad to see foreign companies and investors in the country in the context of the implementation of this strategy," he said.

The forum is held under the "Azerbaijan: Pearl of Asia" slogan with the participation of the officials, businessmen, representatives of international organizations, diplomatic corps, chambers of commerce and business associations from almost 30 countries.

The panels on investment opportunities in Azerbaijan, in particular, in agriculture, industry, tourism, the investment potential of the Karabakh region, public-private partnership, as well as bilateral meetings among businessmen will be organized. The businessmen will review the work process at a number of manufacturing enterprises in Baku and districts of the country and will discuss the opportunities for cooperation and investment with local businessmen within the forum.

Some 500 foreign investors and businessmen are expected to participate in the forum, which will last until November 17.

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

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