This plan represents a significant leap, aiming for an 85 percent increase compared to the figures of 2021. Tural Hajili, Deputy Executive Director at the Azerbaijan Export and Investment Promotion Agency (AZPROMO), shared these insights during a recent event focused on addressing non-tariff barriers in trade and the intricacies of trade in services.
At the heart of this strategy lies a two-pronged approach. In the short to medium term, the focus will be on expanding the reach of Azerbaijan’s current product offerings into new markets. Over the longer term, the strategy pivots towards introducing innovative products to these newly tapped markets.
This initiative forms part of Azerbaijan’s National Export Strategy, reflecting the country’s proactive efforts to diversify its economy and reduce reliance on oil revenues. By broadening its export base and venturing into new markets with a variety of products, Azerbaijan is positioning itself to play a more versatile and robust role in the global economy.
The announcement by Hajili underscores Azerbaijan’s commitment to expanding its economic footprint beyond oil, a sector that has traditionally dominated its export landscape. This shift towards a more diversified export portfolio is a strategic move, aligning with global trends and the increasing importance of sustainable economic growth models.
