Minister: Azerbaijan aims to diversify economy

Azerbaijan aims to diversify its economy and exports, Azerbaijani Economy Minister Mikayil Jabbarov stated in Vilnius, Report's correspondent in the Lithuanian capital said.

“In Azerbaijan, we are focused on diversifying our economy and exports. Over the past 4 years, we have doubled the volume of our non-oil and gas exports from Azerbaijan,” Jabbarov said, noting that the priority areas for Azerbaijan are: industry, transport and energy transition.

"We are traditional exporters of oil and natural gas, and are now also working to become an exporter of renewable energy," he said.

The minister also noted the strategic location of Azerbaijan, which gives the country access to the markets of Central Asia, neighboring Georgia and Türkiye.

Jabbarov also noted that there are several legal frameworks between Azerbaijan and Lithuania, such as the Investment Protection Agreement and the Double Taxation Avoidance Agreement.