BAKU, Azerbaijan, April 25. The Azerbaijani economy has grown dynamically over the past 18 years, Economy Minister Mikayil Jabbarov said at the "Role of entrepreneurship in economic development" conference dedicated to the Day of Businessman on April 25 in Baku, Trend reports.
According to Jabbarov, in the reporting period, production in Azerbaijan has grown by four times, and agriculture – by two times.
“Besides, for decades, the government has done a number of works to encourage entrepreneurial activity, increase investment potential, and expand the number of financial instruments,” he noted. “Despite the negative consequences faced by the Azerbaijani economy, today we continue to take measures to accelerate economic growth.”
The minister also said that the economy’s development is closely connected with the development of small and medium businesses.
"Since the beginning of 2022, the economy, foreign exchange reserves, and other macroeconomic indicators have been showing dynamic growth," Jabbarov stressed.
The minister also noted that in order to support small and medium businesses, the government creates conditions to simplify their entry abroad.
"Here the point is about expanding the range of local production, and simplifying customs procedures," he said.
"Over the past years, work on import substitution and expansion of local production has been conducted in Azerbaijan," added Jabbarov.