Over $200 billion of investment in Azerbaijan directed to non-oil sector Economy minister reveals at Inmerge Innovation Summit

Azerbaijan has attracted more than $340 billion in investment over the past two decades, with over $210 billion of that amount directed to the non-oil sector, the country’s Minister of Economy, Mikail Jabbarov, stated.

As Caliber.Az correspondent reports from the scene, speaking at the Inmerge Innovation Summit on September 29, Jabbarov highlighted Azerbaijan’s long-term strategy of economic diversification. 

“Azerbaijan’s modern economic policy is based on diversification — reducing dependence on oil and gas while promoting dynamic and sustainable growth of the non-oil economy. Over the past two decades, this strategy has attracted more than $344 billion in investment, of which more than $210 billion has been directed to the non-oil sector,” he said.

The minister noted that Azerbaijan’s economy has recently entered a phase of stable and sustainable growth. Between 2021 and 2024, the non-oil sector expanded at an average annual rate of 6.7%, increasing its contribution to the national economy.

“In just the last six years, non-oil exports have almost doubled, which is clear evidence of Azerbaijan’s growing global competitiveness and its integration into international value chains. Azerbaijan’s sovereign credit ratings are stable and backed by significant fiscal and external buffers. The success of our socio-economic development strategy has gained international recognition: Moody’s and Fitch Ratings have upgraded Azerbaijan’s outlook,” Jabbarov emphasised.

The Inmerge Summit, now in its fifth edition and organised by PAŞA Holding, opened in Baku today. The main goal of the two-day event is to contribute to the development of Azerbaijan’s innovation ecosystem, bringing together startups and investors while creating a platform for sharing ideas and experiences among all participants.

This year, the summit is expected to unite more than 1,000 company executives, investors, corporate leaders, and policymakers from over 30 countries.

By Tamilla Hasanova