Deputy Minister: Private sector adaptation to new demands is essential

Azerbaijan's new economic model is based on knowledge, innovation, and the development of the digital economy, Azerbaijani Deputy Minister of Economy Samad Bashirli stated, Report informs.

Speaking at a joint session of the parliamentary committees on Agrarian Policy, Family and Women's and Children's Affairs, and Science and Education, Bashirli stressed that Azerbaijan's new economic model no longer relies solely on energy but is grounded in knowledge, innovation, and digital economy development:

"In today's competitive world, against the backdrop of global challenges and new trends, Azerbaijan's economy continues to grow sustainably. The development strategy being implemented in the country ensures the restoration of Azerbaijan's territorial integrity, the strengthening of its international reputation, the enhancement of socio-economic potential, and the improvement of welfare."

The deputy minister emphasized that the strengthening of Azerbaijan's economic position is linked to diversification of the non-oil and gas sector.

"This creates a solid foundation for the growth of knowledge and skill-intensive sectors that generate high added value, thereby increasing the complexity of the economy. Under conditions where the digital economy is prioritized by the state, it is particularly important for the private sector to adapt to new demands," he said.