Economic success and prosperity of Azerbaijan only expected to grow - expert

Finance Materials 2 August 2022 17:34
Baku, Azerbaijan Trend News Agency
Economic success and prosperity of Azerbaijan only expected to grow - expert

The economic success and prosperity of Azerbaijan are only expected to grow, national security analyst and expert from the US Irina Tsukerman told Trend.

She noted that Azerbaijan's economic development rests on several pillars which include willingness and ability to expand oil and gas production in light of the energy crisis facing the global community, the efforts to diversify its economy, including the energy resources by also cooperating on renewable energy with Europe.

She also noted Azerbaijan’s significant role as an agricultural producer in response to the world food shortage crisis.

“Azerbaijan is independent from grain production disrupted by the situation in Ukraine and also has not been as impacted by environmental and climate challenges in that regard as many other countries. Now Azerbaijan is also developing innovative techniques in response to the liberation of its formerly occupied territories and investing into a productive future, including pushing for better access to education and improvement in higher education making the population more competitive, exploring joint opportunities in other countries, and attracting the tourism and investment sector to Azerbaijan and South Caucasus through its peace building and regional integration initiatives,” she said.

Tsukerman said Azerbaijan has already attracted a number of Turkish companies towards the reconstruction efforts in Karabakh, and the economy successfully rebounded even after the energy-related challenges during the pandemic.

“Its cooperation with USAID has led to $80 million in agricultural exports, as well as the growth of the private sector. This includes growth of outputs to Europe and the Middle East, increased production in hazelnuts and vegetables. Programs including the development of opportunities for economic empowerment of women and youth have also contributed to the greater engagement of the population in rural areas. As the country now increasingly focuses on hi-tech and other industries,” she said.