Baku demonstrates impressive economic achievements, attracting billions of dollars in investments and confidently developing the non-oil sector. Ilham Aliyev, President of Azerbaijan, speaking at the First Azerbaijan International Investment Forum, revealed the country’s key achievements over the past two decades and outlined the strategic directions of future development.
The head of state emphasized that the forum will become an important platform for strengthening cooperation and attracting new investments, confirming Azerbaijan’s long-standing priority in working with foreign capital.
Massive investments and investor confidence:
During the period from 2004 to 2024, $344.4 billion was invested in the Azerbaijani economy. Notably, $213.2 billion of this amount was directed to the non-oil sector, which, according to the President, clearly demonstrates the trust of international investors and stability in the country. Thousands of foreign-owned companies successfully operate in Azerbaijan, many of which reinvest their profits, contributing to the formation of a competitive and sustainable economy.
The non-oil sector is the engine of growth:
- In the period 2021–2024, the non-oil sector demonstrated an average annual growth of 6.7%, and its share in the economy reached 68%.
- Non-oil exports have almost doubled over the past six years, confirming the country’s growing competitiveness.
Infrastructure development and industrialization:
The basis of the achievements was the creation of modern production infrastructure. There are 9 industrial parks and 4 industrial quarters in the country, where 171 enterprises are registered. Over 6.9 billion manats of investments have been made in these zones, creating about 11,000 permanent jobs.
Increasing prosperity and financial strength:
Sustainable economic growth has led to a significant improvement in the living standards of the population and the strengthening of the country’s financial stability:
- State budget revenues have increased 2.4 times from 2017 to 2025.
- Strategic foreign exchange reserves have increased 1.9 times.
- External debt has decreased to a record 6.5% of GDP, which is one of the lowest rates in the world.
Regional hub and energy transformation:
President Aliyev emphasized the strategic geographical location of Azerbaijan, turning the country into a key center of regional economic policy. Transit transportation along the Middle Corridor is increasing annually, and after the launch of the Zangezur Corridor, an even more significant growth is expected.
Particular attention is paid to energy policy: along with traditional resources, Azerbaijan is actively developing solar and wind energy, creating “green energy zones” in Karabakh and Eastern Zangezur, implementing the concept of “smart infrastructure”.
Digital economy and high technologies:
Finally, the successes in the energy sector are complemented by the rapid development of the digital economy and technological transformation. The expansion of cloud technologies, the development of digital infrastructure, and the integration of innovative solutions are strengthening Azerbaijan’s position as a future strategic center in the field of high technologies and artificial intelligence.