Azerbaijan expects further growth in transit traffic, will continue to develop non-oil sector - Aliyev
BAKU. Sept 22 (Interfax) - Azerbaijan expects a further increase in transit traffic after the launch of the Zangezur corridor and intends to continue developing the non-oil sectors of the economy, Azerbaijani President Ilham Aliyev said.
"Azerbaijan's advantageous geographical location turns our country into a strategic center of regional economic policy. Transit freight traffic along the Middle Corridor [the Trans-Caspian International Transport Route passing through China, Kazakhstan, the Caspian Sea, Azerbaijan and Georgia and further to Turkey and European countries] is growing year by year. In the coming years, especially with the launch of the Zangezur corridor, a further increase in this figure is expected. The modern infrastructure created in the country offers investors direct access to global markets and high transit efficiency," Aliyev said when addressing participants of the First Azerbaijan Investment Forum which began work in Baku on Monday.
Special economic zones and modern transport and digital infrastructure provide entrepreneurs with ready-made platforms for production, logistics, renewable energy projects, digital services and agriculture, Aliyev said.
The social and economic reforms carried out in the country and integration into the global economy have created favorable opportunities for the work of leading international companies, Aliyev said. In 2004-2024, $344.4 billion was invested in Azerbaijan's economy, of which $213.2 billion was directed towards developing the non-oil sector, whose share in the country's GDP during this period reached 68%. Non-oil exports have almost doubled over the past six years, he said.
"Currently, Azerbaijan is focusing on establishing new partnerships, further strengthening non-oil industries, especially the country's tourism potential," he said.
Aliyev drew attention to the development of production infrastructure. Nine industrial parks and four industrial districts operate in Azerbaijan, with 171 enterprises registered in them, 98 of which have already started production activities. Investment in the industrial zones amounted to over 6.9 billion manat (more than $4 billion at the current exchange rate), creating around 11,000 permanent jobs.
Azerbaijan's energy policy continues to play an important role in strengthening the country's international economic position, Aliyev said. "Azerbaijan is currently a strategic partner of a number of states in both traditional and renewable energy. Along with natural gas, solar and wind energy projects, the Karabakh and Eastern Zangezur green energy zone, as well as the application of smart infrastructure concepts, make our country one of the leading participants in the global energy transition," he said.
Successes in energy are complemented by the development of the digital economy and technological transformation, he said. The expansion of cloud technologies, the development of digital information infrastructure, and the integration of innovative solutions into key sectors of the economy will allow Azerbaijan to "play the role of a strategic center in the field of high technologies and artificial intelligence in the future," he said.
The official exchange rate on September 22 is 1.7 manat/$1.
