Azerbaijan unveils strategic ways to escape middle-income trap

Azerbaijan has identified three crucial pathways to escape the middle-income trap, Azerbaijani Deputy Economy Minister Samad Bashirli said, Report informs.

He revealed this insight during the high-level presentation of the World Development Report 2024 in Baku.

Bashirli noted that the first pathway focuses on increasing investments in the economy, particularly in private and non-oil-gas sectors: "We are targeting large local corporations. We understand that to diversify our economy and achieve growth in the non-oil-gas industry, we need to make changes in the structure of investments and increase the share of the private sector."

The deputy minister explained that the second pathway involves improving the investment ecosystem. "There is competition for direct foreign investments at the regional level. Our neighboring countries are working on promoting and stimulating investments. There is currently more aggressive competition compared to 5-10 years ago. Taking this into account, we are also taking measures," he emphasized.

The third pathway emphasizes knowledge and skills development through the local education system and migration policies, Bashirli stated.