Azerbaijan aims to boost economic complexity alongside new corridors

Azerbaijan is not only expanding new transport corridors but also working to deepen its economic structure by shifting toward more complex, high-value-added production, Deputy Minister of Economy Samad Bashirli said at the First Azerbaijan International Investment Forum (AIIF 2025) held in Baku, Report informs.

He noted that Azerbaijan's non-oil exports have doubled over the past six years, and increasing economic complexity is now a key national goal:

"In the early years of independence, Azerbaijan's main challenge was ensuring macroeconomic stability. That was the hardest part. Once stability was achieved, we launched major oil and gas projects, and the economy became heavily reliant on that sector. Today, oil and gas still account for a large share of GDP and exports. However, in the past six years, non-oil exports have nearly doubled."

Bashirli emphasized that the diversification process began years ago and continues:

"The core of diversification lies in developing export-oriented, competitive production sectors. That's why we've pursued a policy of industrialization. Today, over 170 enterprises operate in our industrial zones, more than $4 billion has been invested, and over 10,000 jobs have been created."

He also highlighted the country's ongoing efforts to improve the business environment:

"A competitive tax system, simplified legal procedures, and macroeconomic stability remain our priorities. Today, we signed a Memorandum of Understanding on non-oil industry development and a public-private partnership agreement."

Despite Azerbaijan's landlocked geography, major investments have been made into transport infrastructure, Bashirli said:

"We are surrounded by land, but like our Central Asian neighbors, we have enormous potential. That's why we launched large infrastructure projects years ago, and now we aim to make the most of these opportunities."

For sustainable growth, he added, boosting the complexity of the economy is essential:

"In the past, our non-oil exports were mostly raw agricultural products. Today, processed agricultural and industrial goods dominate. Creating a competitive industrial base depends on innovation and technology. Without technology, innovation is impossible."