Azerbaijan eyes tenfold increase in innovation sector revenues

Azerbaijan intends to boost the revenues and exports of its innovation sector by at least ten times, MP Azer Amiraslanov said during today's plenary session of the Milli Majlis (Parliament), Report informs.

Amiraslanov noted that currently, the industry's annual revenue is estimated at around 1 billion manats (just over $588.2 million), with exports valued at $100 million.

He noted that Azerbaijan's Digital Economy Development Strategy for 2026–2029 envisions a transition to a new model of economic growth based on innovation.

"The results of this strategy will be measured by the increased share of the digital sector in the national economy and in the structure of exports. At present, these indicators do not fully reflect our country's potential. Within the framework of the strategy, they are planned to be increased at least tenfold. To achieve this, more favorable conditions must be created for the innovation ecosystem that generates new value. The legislative package under discussion serves precisely this purpose," Amiraslanov said.