BAKU, Azerbaijan, February 10. It is important for Azerbaijan to ensure integration of non-oil and gas sectors of the economy into the global market, the World Bank's Chief Economist for Europe and Central Asia Ivailo Izvorski said at the World Bank at the presentation of the World Bank's 2024 World Development Report (WDR) in Baku, Trend reports.
Izvorski noted that if a country is small and in the early stages of development, investment can ensure growth even without deep market integration. However, as wealth increases, dependence on external knowledge increases.
According to him, gaining international expertise mainly happens through technology - foreign direct investment, partnerships, trade, and learning by doing. In this context, small countries should actively integrate into regional and global markets.
“Azerbaijan has already done this in the energy sector. Azerbaijan has become a global player, increases natural gas exports to the EU, has advanced drilling technologies, developed transportation and processing infrastructure,” Izvorski noted.