President Ilham Aliyev has stated that Azerbaijan has successfully transitioned from a nation dependent on oil and gas to one that can take pride in its economic diversification. The head of state made these remarks during his speech at the Azerbaijan-Latvia business forum held in Baku on April 22.
Operative Information Center-OMM reports that President Ilham Aliyev emphasized the significant progress made in restructuring the national economy. “If we look at the structure of the gross domestic product (GDP), we can witness rapid growth over the last four to five years. The share of the non-oil industry in the GDP has increased from 50 percent to over 70 percent, and this process is ongoing. This means that the diversification of the economy is already a reality,” the President of Azerbaijan underlined.
The Azerbaijan-Latvia business forum serves as a key platform for strengthening bilateral economic ties and exploring new investment opportunities between the two nations. In recent years, the Government of Azerbaijan has prioritized the development of non-oil sectors—including agriculture, logistics, and renewable energy—as part of its long-term strategy to ensure sustainable economic growth and reduce vulnerability to fluctuations in global energy markets. This diversification strategy is central to the country's post-conflict reconstruction efforts and its goal of becoming a regional economic hub.
