Azerbaijan's digital economy dev't strategy aims to create effective ecosystem

The strategy for the development of Azerbaijanchr("39")s digital economy aims to create an effective ecosystem for further growth and innovative development in the country, the countrychr("39")s Minister of Economy Mikayil Jabbarov said during the "INMerge" Innovation Summit, organized by PASHA Holding for the fourth time, in Baku today, Olaylar reports.

Jabbarov noted that the country's economy is demonstrating stable growth.

"In the first nine months, GDP increased by 4.7 percent, with growth in the oil and gas sector exceeding seven percent. The private sector created over 75,000 new jobs during the same period. Such progress allows us to speak about the future and innovations.

The development of Azerbaijanchr("39")s economy and innovative potential necessitate not only ensuring economic growth but also investing in human capital, he explained.

The official specifically mentioned initiatives aimed at improving the education system to prepare a workforce capable of adapting to new economic realities.

"Since 2017, Azerbaijan has been implementing a system for teaching digital skills, which includes startups, pilot projects, and programs covering hundreds of thousands of students. These educational reforms, including the chr("39")Sabah Hubchr("39") program, aim to develop the potential of the best students and create a community of innovative specialists," he added.

Jabbarov also underscored the critical significance of embracing global expertise and attracting international investment.

"Investments in the digitalization of the fiscal system and other innovative solutions have already yielded tangible results, including a doubling of fiscal revenues over six years," the minister emphasized.

Besides, he pointed out the significant role of the energy sector, which is transitioning from reliance solely on fossil fuels to renewable energy sources.

"Azerbaijan is actively investing in green energy development projects, currently implementing projects with a total capacity of over seven gigawatts. The interaction and support of all stakeholders play a key role in achieving these goals.

The state strategy for the development of the digital economy in Azerbaijan encompasses numerous initiatives aimed at creating an effective ecosystem for further growth and innovative development," Jabbarov noted.

This summit, organized by PASHA Holding, aims to contribute to the development of the innovation ecosystem in the country, bringing together startups and investors to provide opportunities for collaboration, as well as creating a platform for exchanging ideas and experiences among all participants in the innovation ecosystem.