Non-oil production to grow to $2.2bn by late 2021

By Azernews

By Ayya Lmahamad

Azerbaijan's Economy Minister Mikayil Jabbarov has said that the ministry forecasts production in the non-oil sector to grow to $2.2 billion by late 2021.

He made the remarks at a conference entitled "Financing Sustainable Development: Sustainable and Green Recovery from the COVID-19 pandemic", organized with the support of Azerbaijan's National Coordination Council for Sustainable Development and UNDP office in Azerbaijan.

The minister stated that the country's non-oil sector grew by more than 8 percent over January-August 2021.

He added that investments in Azerbaijan's industrial parks, which are part of the non-oil sector, exceeded AZN 6 billion ($3.5bn).

"Azerbaijan's GDP growth in 2021 is also expected to amount to 7.1 percent. The main growth drivers will be service sector, agriculture and production in the non-oil sector," Jabbarov said.

Green technologies, renewable energy 

Speaking at the conference, UNDP Resident Representative in Azerbaijan Alessandro Fracassetti stated that there is a huge potential for financing the green technologies field in the country.

"We support Azerbaijan's national priorities. The country's strategies and priorities are sustainable and inspire confidence, with regard to which we support financing for the green development in Azerbaijan," he said.

The UNDP official also noted that Azerbaijan's green ecosystem will become a platform for expanding not only international relations but also partnerships and private relations.

Moreover, the American Chamber of Commerce in Azerbaijan Executive Director Gulnara Aslanbayli stated that the preparation of sustainable green energy development programs in the country will contribute to the growth of investment in the relevant sector.

She stated that the opportunities of green energy have not been fully explored at the global level, and many investors do not want to take risks. Aslanbayli added that Azerbaijan's national priorities in the green energy area remain unchanged.

“We are confident that foreign investments in the renewable energy sector in Azerbaijan will grow annually,” she stressed.

During the conference, the participants discussed new challenges and realities regarding the implementation of development priorities in Azerbaijan during the post-pandemic period. They also discussed the pace of economic growth and promotion of an environment that ensures sustainability and quality via "green" sources.