BAKU, Azerbaijan, September 29. Over the past two decades, Azerbaijan has attracted more than USD 344 billion in investment, said Azerbaijani Minister of Economy Mikayil Jabbarov, Trend reports.
Speaking at the INMerge Innovation Summit organized by PASHA Holding in Baku, Jabbarov highlighted the country’s diversification strategy.
“At the heart of Azerbaijan’s modern economic policy is diversification - reducing reliance on oil and gas while fostering dynamic, sustainable growth in the non-oil sector. Over the past twenty years, this approach has drawn more than $344 billion in investment, with over $210 billion directed to the non-oil economy,” he said.
Jabbarov noted that between 2021 and 2024, the non-oil sector grew at an average annual rate of 6.7%, steadily increasing its share of the national economy. In just the past six years, non-oil exports have nearly doubled, reflecting Azerbaijan’s rising global competitiveness and deeper integration into international value chains.