(MENAFN- AzerNews)
By Zara Araz
Azerbaijan, a nation historically reliant on its oil sector, is
poised to accelerate the development of its non-oil economy,
targeting a robust growth rate exceeding 5.5% of GDP by 2024. This
ambitious goal was underscored by Tahir Mirkishili, Chairman of the
Azerbaijani Parliament Committee on Economic Policy, Industry, and
Entrepreneurship, during the recent "5th exhibition for the
Promotion of Local Companies" in Baku.
The strategic shift towards diversification comes amidst a
backdrop of progressive economic policies aimed at fostering a
conducive environment for private sector expansion. Mirkishili
emphasised the critical role of legislative support in empowering
local enterprises to thrive in a modern, competitive landscape. He
highlighted the importance of a comprehensive legal framework and
adherence to fair competition practices to bolster entrepreneurial
activities effectively.
Supporting these sentiments, Azerbaijani Deputy Minister of
Economy Sahib Mammadov highlighted significant strides in
transitioning towards a green economy. The upcoming COP29,
scheduled to be held in Baku this November, marks a pivotal moment.
President Ilham Aliyev's declaration of 2024 as the 'Green World
Solidarity Year' aligns with global efforts to mitigate climate
change and underscores Azerbaijan's commitment to sustainable
development.
The hosting of COP29 not only positions Baku at the forefront of
global climate discussions but also catalyses further initiatives
towards green and innovative transformations within the private
sector. This strategic alignment with international sustainability
goals not only enhances Azerbaijan's global standing but also opens
new avenues for economic growth and investment.
The Azerbaijani government's proactive stance in supporting
entrepreneurship through modern organisational models has yielded
tangible economic benefits. The private sector, now a cornerstone
of Azerbaijan's economic fabric, has significantly contributed to
the diversification of the economy, boosted employment, and
expanded foreign trade opportunities.
Moreover, Azerbaijan's journey towards economic diversification
is underpinned by its strategic vision to embrace innovation and
adaptability. The state's ongoing support for entrepreneurs
underscores its commitment to fostering a dynamic business
environment capable of responding to global challenges while
seizing emerging opportunities.
Looking ahead, Azerbaijan's economic strategy is set to
capitalize on the momentum generated by COP29 and the 'Green World
Solidarity Year.' By enhancing sustainability and embracing
technological advancements, Azerbaijan aims to cultivate high-value
economic drivers that propel long-term growth and prosperity.
Azerbaijan's proactive measures in advancing its non-oil sector
underscore a commitment to sustainable economic development. With
robust legislative backing and strategic international engagements
like COP29, Azerbaijan is poised to redefine its economic
landscape, offering promising opportunities for domestic
entrepreneurs and global investors alike. As the nation prepares to
host COP29, all eyes turn to Baku-a city primed not just for global
climate leadership but also as a hub of innovation and economic
dynamism in the region.
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