Minister: $344B invested in Azerbaijan's economy over past two decades

Over the past 20 years, nearly $344 billion has been invested in Azerbaijan's economy, Minister of Economy Mikayil Jabbarov said at the INMerge Innovation Summit organized by PASHA Holding in Baku, Report informs.

Jabbarov noted that this investment drive has been aimed at reducing the country's dependence on oil and gas:

"More than $210 billion of this amount was directed to the non-oil sector."

According to him, between 2021 and 2024, Azerbaijan's non-oil economy grew at an average annual rate of 6.7%, becoming the main driver of overall economic growth.

"Over the past six years, non-oil and gas exports have doubled, and our foreign exchange reserves have reached a historic high-now equal to the country's GDP. Azerbaijan is no longer just an importer of capital, but also a capital exporter," Jabbarov said.

He also stressed the economic significance of regional peace.