12:05 - 2.07.2026

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July 2, Fineko/abc.az. In Azerbaijan, financial opportunities for the development of the non-oil sector should be expanded.

Finance Minister Sahil Babayev said this at a business forum within the 28th Annual Meeting of the Board of Governors of the Black Sea Trade and Development Bank (BSTDB).

According to Babayev, it is also necessary to take into account that a serious transformation process is taking place in the Azerbaijani economy:

"Last year, the share of the non-oil sector in country's economy reached 71%. Although oil remains one of the main drivers of economic development, the non-oil sector is also rapidly expanding in a wide range of areas.

On the one hand, government-financed projects and on the other hand, 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, importance of today's business forum is extremely significant.

More than 170 representatives of business, public and banking sectors are taking part in the forum. The event brought together representatives of more than 60 private companies in Azerbaijan, over 20 foreign companies, as well as public organizations."