The work done so far has been the main prerequisite for future development. Without this work, a stable economy, and an independent financial and economic system, it would be difficult to talk about the future today.

Operativ Media reports that President of the Republic of Azerbaijan Ilham Aliyev said this during his speech at an event themed "Restoring Trust in a Fragmented World: The South Caucasus as a Pillar of Global Connectivity and Investment Stability," organized as part of the 2nd Azerbaijan International Investment Forum in Baku.

“Therefore, we must build on this positive momentum. We must build on the fact that many leading international companies representing various sectors of the economy view Azerbaijan as a reliable partner, and that a favorable investment climate has already been established in our country. Over the past 30 years, more than $360 billion has been invested in Azerbaijan, half of which is foreign direct investment. Based on all this, we must act in line with general economic development trends and utilize our existing potential in non-oil and gas sectors to ensure long-term and sustainable growth,” the president said.

“I would highlight several key priorities. One of them is renewable energy. We have immense potential. The wind energy potential in the Azerbaijani sector of the Caspian Sea alone is 157 gigawatts. In addition, onshore solar and wind power plants are already operational. Our goal is to minimize natural gas consumption in electricity generation and direct the saved gas resources to exports. In the next five years, renewable energy projects will be everywhere. The second major driver of the economy is undoubtedly logistics and transport. We have been working in this direction for a long time: building physical infrastructure, creating a more transparent business environment for investors, and cooperating with neighboring countries. Because Azerbaijan is landlocked, and without our neighbors, we cannot carry out this work solely within the country. Given the current political situation, where some traditional supply chains are facing crises, this sector will become another key driver of the economy,” President Ilham Aliyev noted.

“This is a great opportunity for domestic and foreign investment. Power generation capacity is also, of course, of key importance. We approach this issue from two directions. First, how to maximize the use of this energy domestically, including for artificial intelligence and data centers. Second, how to export electricity. We have power transmission lines, but their capacity is insufficient. Therefore, we are currently working on building new transmission lines and expanding existing ones. This will also be an important part of future economic development. One of the sectors with great potential is the mining industry. A state program on the mining industry was adopted a few days ago. This is a short-term program covering four years, and it will generate significant activity in the sector. These are the main directions of our development,” President Ilham Aliyev emphasized. “Of course, we must not forget the main issue that everyone knows but is sometimes not openly spoken about — oil and gas. Especially considering that numerous contracts have been signed this year, and new contracts will be signed today as well. Therefore, the oil and gas sector will maintain its dominant position in our economy and continue to generate wealth to be reinvested,” the President noted.