Azerbaijan boosts ICT investments by 77% in 2024

In 2024, investments in information and communication services in Azerbaijan totaled 689.23 million manats ($405.42 million), marking a 77% increase compared to 2023, Report informs, citing the State Statistical Committee.

During the reporting period, 18.54 million manats ($10.91 million) were invested in software development and the broadcasting of radio and television programs-4.6 times more than the previous year. Investments in telecommunications reached 620.85 million manats ($365.21 million), up 71%, while 27.76 million manats ($16.32 million) were directed toward software development, consultancy, and related services, reflecting a 43% rise.

Additionally, 22.09 million manats ($13 million) were invested in information services, a 6.6-fold increase. Of this amount, 22.08 million manats ($12.99 million) came from the non-state sector, 27 times more than the previous year.