BAKU, Azerbaijan, June 11. Azerbaijan is
transitioning to a new phase of economic development amid changing
global economic conditions and the transformation of traditional
drivers of growth, Deputy Minister of Energy Elnur Soltanov said,
Trend’s correspondent
at the event reports.
He made the remark at the event “Technovation – Science and
Innovation for Sustainable Economic Transformation,” organized by
the American Chamber of Commerce in Azerbaijan (AmCham Azerbaijan)
in Baku.
According to him, the country is entering a qualitatively new
economic era in which the former drivers of rapid growth are losing
their former significance, while the human capital, demand, and
business ties formed during the previous stage of development are
creating the foundation for a new stage of development.
Soltanov noted that economic diversification should not be
viewed as an end in itself.
He stated that economic growth and sustainable development are
the priorities, and diversification should be viewed in the context
of these goals.
"Diversification is important for enhancing economic resilience,
but in some cases it can lead to the support of unprofitable
enterprises, so the approach to it must be balanced. Azerbaijan’s
economy is showing stabilization in oil production and significant
growth in gas production between 2020 and 2025, though such rapid
growth rates are not expected to continue in the future,” he
said.
Speaking about the role of the State Oil Company of Azerbaijan
(SOCAR), he noted its transformation and the expansion of its
international operations. He pointed out that the company is
expanding its operations beyond Azerbaijan’s borders, including
into Georgia, Turkey, and European markets, such as Italy.
Furthermore, Soltanov emphasized that SOCAR is increasingly
focusing not only on oil and gas production and processing, but
also on exporting expertise and accumulated knowledge, which, in
his words, is an important indicator of the country’s economic
development.
