Azerbaijan is ready to transition from the category of middle-income countries to high-income ones, Shahmar Movsumov, head of the Economic Affairs and Innovation Development Policy Department of the country’s Presidential Administration, said during the presentation of the World Bank’s annual World Development Report (WDR) 2024 in Baku, Report informs.
According to him, since the 1990s, only four countries have managed to make this transition, and Azerbaijan is also ready for it. “This is not an easy task, but we are ready. Without economic diversification, we won’t be able to maintain our leadership positions,” he noted.
Movsumov emphasized that Azerbaijan has the necessary infrastructure for innovation development.
“With support for startups and entrepreneurship, Azerbaijan can become a country with a prosperous economy. In the face of global challenges, strong leadership and international cooperation, including with the World Bank, play a key role. Innovation is one of the important areas in Azerbaijan and is necessary to ensure long-term economic growth,” he added.
