Minister: Investment in non-oil sector up by 10.1 pct

By Azernews

Azerbaijani Economy Minister Mikayil Jabbarov has said that the investments in the non-oil sector increased by 10.1 percent in the first quarter of 2022.

"Investment activity in the non-oil sector had a positive impact on the volume of funds in this area, as in January-March this figure increased by 10.1 percent, compared to the same period last year," he wrote on his official Twitter page.

At the same time, the minister noted that enterprises in industrial zones sold AZN 662.7 million ($389.8m) worth of products, of which AZN 304.1 million ($178.8m) fell to exports.

"Sales of products in industrial zones increased by 81.4 percent, compared to the same period of 2021, and exports by 153.2 percent," he wrote.

Earlier it was reported that the gross domestic product (GDP) of the non-oil and gas sector increased by a record 10.3 percent and amounted to almost AZN 15.1 billion ($8.8bn) in January-March 2022. At the same time, growth in industrial production is about 4 percent, and in non-oil industrial production, it is more than 18 percent.

Earlier, the Azerbaijani government has set a task of sustainable diversification of the economy. In this regard, it is planned to develop a concept that will contribute to the growth of non-oil exports. The volume of non-oil goods is planned to double by 2025.