Nearly 11,000 OIC companies operating in Azerbaijan, deputy minister says

Azerbaijan’s Deputy Minister of Economy Elnur Aliyev has said that about 11,000 companies from Organization of Islamic Cooperation (OIC) countries operate in Azerbaijan.

Speaking at the 2nd Azerbaijan Halal Business Forum (AZHAB) in Baku, Aliyev highlighted strong economic ties with OIC member states, Caliber.Az reports per local media.

“Azerbaijan is one of the active members of the OIC in the region and places great importance on developing political, economic, and cultural relations with member states,” he said.

The minister noted that the trade turnover between Azerbaijan and OIC members reached around $6 billion from January to August 2025.

“Our country has made significant contributions to strengthening traditions of multiculturalism and intercultural dialogue, as well as promoting Islamic values worldwide,” he added.

For the record, Azerbaijan participates in various multilateral initiatives of the OIC, including the Committee on Economic Cooperation (COMCEC), where it is actively involved in the working groups on trade, agriculture, and tourism. 

Continuing his remarks, Minister Elnur Aliyev highlighted the major progress Azerbaijan has achieved in diversifying its economic model.

“From 2004 to 2024, over $344 billion was invested in Azerbaijan’s economy, of which around $213 billion went to developing the non-oil sector. Socio-economic reforms and integration into the global economy have created broad and favourable opportunities for leading international companies in our country,” he said.

Aliyev added that during the 1st Azerbaijan International Investment Forum, agreements were signed for projects totalling over $10 billion, reflecting the high level of trust foreign investors have in Azerbaijan, as well as the country’s stability and security.

By Khagan Isayev