16:53 - 10.02.2025

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February 10, Fineko/abc.az. Azerbaijan can overcome the "middle income trap" in three ways.

ABC.AZ reports that Deputy Minister of Economy Samad Bashirli in Baku made this statement at the presentation of WB annual global report World Development Report (WDR) for 2024.

According to Bashirli, the first way is to increase investments, especially in the private non-oil sector.

"For this, we are focused on developing large local corporations, changing the structure of investments and increasing the share of the private sector," he said.

Bashirli called the improvement of the investment ecosystem the second way.

"Competition for foreign direct investments in the region is intensifying. If 5-10 years ago it was less pronounced, now neighboring countries are pursuing active policy of attracting capital, and Azerbaijan should take this factor into account," he stressed.

The third way, according to the deputy minister, is to develop knowledge and skills through education reforms and migration policy.