BAKU, Azerbaijan, September 25. Leadership and reforms, financial buffers, targeted development, and partnerships play a crucial role in Azerbaijan's economic development and crisis management, Minister of Economy Mikayil Jabbarov said at the 2nd Azerbaijan International Investment Forum held in Baku today, Trend's correspondent reports from the event.
The minister noted that when facing crises, it’s essential to consider future expectations alongside the work already accomplished.
"Thanks to the vision and leadership of President Ilham Aliyev, significant steps have been taken to diversify the economy, increase state revenues from non-oil and gas sectors, reform the civil service and compensation systems, and ensure macroeconomic and fiscal stability," Jabbarov pointed out.
According to him, the financial buffers established by the country played a crucial role in managing the external impacts Azerbaijan encountered.
"Azerbaijan faced impacts stemming from regional interdependencies not only in 2016 but also in 2022. However, existing financial buffers enabled the country to maintain its development trajectory," the minister emphasized.
Jabbarov highlighted that during the period when energy prices reached record levels, Azerbaijan pursued a more prudent fiscal policy and reduced the share of transfers from the State Oil Fund to the state budget by more than 4.5%. The minister stated that digitalization, digital development, and the strengthening of human capital hold a special place in Azerbaijan's development agenda.
"We must respond to the challenge of job displacement caused by artificial intelligence. Even if we are not the ones creating the technology, we aim to become a country that actively utilizes it - an AI taker," he added.
According to him, Azerbaijan is also focusing on industrialization and increasing non-oil exports by leveraging the country's natural advantages - its geographic location, energy potential, and transport connections.
Jabbarov noted that expanding Azerbaijan's regional and international partnerships is also significant for economic development.
"We are expanding our trade and investment ties, particularly with Central Asian and Gulf countries. Our state and private companies act not only as sources of capital but also as exporters of knowledge and experience—that is, know-how," the minister said.
He emphasized that investment agreements based on mutual trust play a crucial role in shaping long-term economic partnerships.
