Mikail Jabbarov: Non-oil exports have nearly doubled over the past six years

As a result of reforms carried out under the leadership of President Ilham Aliyev, the economic environment in our country has improved, the competitiveness of entrepreneurs has increased, the international authority of the country has strengthened, and favorable conditions have been created for attracting foreign investments. The signing of the peace agenda on August 8 in the USA further accelerates these processes.

As reported by BAKU.WS with reference to Oxu.Az, this was stated by the Minister of Economy Mikayil Jabbarov during his speech at the II National Competition Forum.

He noted that the agreement will create conditions for strengthening transit links, as well as increase interest in the country's economy.

"Strengthening regional integration will make an important contribution to the economic development of our country, diversification of the non-oil sector, and strengthening long-term competitiveness.

The non-oil and gas sector, which is one of the main directions of economic policy, grew by an average of 6.7% annually in 2021-2024, and its share in the overall economy increased to 68%. We forecast that this indicator will reach 70% by the end of this year. Non-oil exports have almost doubled over the past six years.

For the 8 months of 2025, private sector investments in the non-oil and gas sector increased by 15%. Investments in fixed assets in this sector grew and amounted to 8.2 billion manats. For January-August of the current year, investments in fixed assets from foreign sources increased by 36% compared to the same period last year," said the minister.