Sub-working groups debut with focus on economic growth and sustainable settlement (PHOTO)

BAKU, Azerbaijan, July 30.​ The Ministry of Economy of Azerbaijan hosted the first meeting of sub-working groups focused on “Economic Growth” and the “Integration of Regional Economies into Local and Foreign Value Chains for Sustainable Resettlement,” the ministry told Trend.

The ministry notes that senior officials from the Ministry of Economy and other relevant state institutions took part in the session.

Minister of Economy Mikayil Jabbarov, who chairs the sub-working groups, provided an update on the implementation of the “2022–2026 Socio-Economic Development Strategy” and the "I State Program on the Great Return."

He noted that the implementation rate of measures under the strategy had reached 78 percent by the end of 2024. Between 2022 and 2024, the GDP of the non-oil and gas sector grew by an average of 6.6 percent annually, and by 1.2 times in total, increasing its share in total GDP from 61.6 percent in 2021 to 67.8 percent in 2024.

The implementation rate of the "I State Program on the Great Return for 2024" stands at 74 percent. As of the end of last year, over 21.6 billion manat ($12.7 billion) had been allocated under the program. Two industrial parks have been established in the liberated areas, encompassing 55 enterprises. Various incentives and exemptions are being offered to businesses, and exports of goods produced by these enterprises have already begun.

The meeting also covered the priorities of the upcoming “Socio-Economic Development Strategy of the Republic of Azerbaijan for 2027–2030” and the main activity directions of the "II State Program on the Great Return." Emphasis was placed on economic diversification, active investment promotion, private sector development, increasing business activity in the liberated territories, and enhancing the export-oriented growth model.

Presentations on the sub-working groups' ongoing efforts were delivered, followed by in-depth discussions.

The “Economic Growth” subgroup will work toward the strategy’s goals of “Sustainable and High Economic Growth” and “Balanced Development of the Capital and Regions.” Meanwhile, the subgroup on “Sustainable Resettlement” will focus on implementing activities to boost economic activity in the liberated territories and preparing supporting documents.

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