Existing economic growth rates are not consistent with Azerbaijan’s potential, and these indicators do not satisfy us.
“Elchi” reports that Minister of Economy Mikayil Jabbarov said this during his speech at the “Future Outlook in the Tax System: New Management Model and Data-Driven Decisions” Forum.
The Minister stated that the country’s foreign exchange reserves, low level of public debt, and fiscal indicators demonstrate the strong economic and financial foundations of Azerbaijan. However, the existing economic growth rates do not fully reflect the real potential of the country’s economy.
M. Jabbarov noted that for this reason, the main goal of economic policy is the formation of new and more sustainable sources of economic growth. According to him, the acquisition of knowledge and technologies, the widespread application of artificial intelligence, and data-driven decision-making mechanisms will create new opportunities for the innovative development of the economy.
The Minister added that within the framework of the “Azerbaijan 2030” development vision, a new package of measures covering the years 2027–2030 is being prepared, and this document has already undergone initial discussion in the Economic Council of the Republic of Azerbaijan.
M. Jabbarov emphasized that the document envisages directions such as the formation of an export-oriented economy, the expansion of access to credit resources, and the application of innovative approaches in economic policy.
The Minister also noted that to access new markets for non-oil and gas products and strengthen positions in existing markets, the expansion of trade partnerships is planned, as well as more active use of the opportunities of the Alat Free Economic Zone and transport-logistics infrastructure.
According to him, macroeconomic stability, the protection of investors’ rights, and a favorable business environment in Azerbaijan turn the country into one of the reliable investment destinations in the region. The Minister added that amidst the positive trends observed in the economy, there are positive forecasts for the country’s sovereign credit rating to increase and be upgraded to investment grade.