BAKU, Azerbaijan, April 29. Diversification of the economy is at the core of our strategic goals, and the non-oil and gas sector has already become the main driver of economic growth, Azerbaijani Economy Minister Mikayil Jabbarov said at an event in Baku today titled "Entrepreneurship Development is a Strong Economy," Trend reports.
He added that as a result of the targeted economic policy implemented, important results have been achieved in the direction of diversification in the Azerbaijani economy.
"The share of the non-oil and gas sector in GDP has increased significantly. The private sector plays a major role in the diversification of the economy, foreign economic policy, and the arrival of international economic partners to our country.
We thank the entrepreneurs who work honestly in the development of Azerbaijan. The state also constantly supports entrepreneurship, especially small and medium-sized businesses, with various mechanisms for the development of competitive and export-oriented sectors. These mechanisms will be further expanded to ensure the sustainable development of entrepreneurial activity against the backdrop of global challenges.
One of our expectations from entrepreneurs is to increase productivity. The main condition for this is knowledgeable and skilled personnel. At the same time, improving the technological level of enterprises and investing in long-term projects are also important factors," Jabbarov said.
The Minister emphasized that a support measure is envisaged to cover a certain part of the transport costs of entrepreneurs in order to expand their export opportunities.
"Currently, tax breaks are in effect in the Alat free economic zone, industrial parks, and liberated territories. In addition, 10-year tax breaks are being applied in the Nakhchivan Autonomous Republic from this year," he concluded.