Azerbaijan should expand financial opportunities for developing the non-oil sector, Finance Minister Sahil Babayev said at a business forum held during the 28th Annual Meeting of the Board of Governors of the Black Sea Trade and Development Bank (BSTDB).
Report quotes the minister as saying that Azerbaijan's economy is undergoing a significant transformation: "At the end of last year, the share of the non-oil sector in the country's economy reached 71%. While oil remains one of the main drivers of economic development, the non-oil sector is also rapidly developing across a wide range of areas.
On the one hand, projects implemented with public funds, and on the other, investments from local investors, financial instruments provided by local banks, and funds allocated by international financial institutions are the main drivers of this development. In this regard, the significance of today's business forum is extremely high.
More than 170 representatives from the business, public, and banking sectors are participating in the forum. The event brought together representatives of more than 60 private companies in Azerbaijan, over 20 foreign companies, and government organizations."
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