SMBDA official: Most of oil revenues are used to develop non-oil sector

Azerbaijan uses most of its oil revenues for the development of the non-oil sector and expansion of non-oil exports, said Samir Humbatov, the Deputy Chairman of the Board of the Small and Medium Business Development Agency (SMBDA) under the Ministry of Economy, at the Trade and Export Forum (TEF-2022) held in Baku, Report informs.

“One of the main priorities of the state is to ensure specialization in export products and take specific practical measures to increase export opportunities. Increasing international trade has always remained important. Although our main export products are oil and oil products, SMBDA is always ready to support entrepreneurs to develop the non-oil sector and expand exports,” he said.