Mikayil Jabbarov: Peace in region has significantly contributed to economic diversification

The establishment of peace in the region has been one of the key factors contributing to the diversification of Azerbaijan's economy in recent years, Economy Minister Mikayil Jabbarov said during a dialogue session at the annual meeting of the Islamic Development Bank Group in Baku.

According to the minister, the end of conflicts in the former Soviet space, particularly in the South Caucasus, has for the first time created favorable conditions for the region's sustainable development.

"The restoration of territorial integrity has created a predictable and stable environment not only politically, but also economically," Jabbarov said.

He also emphasized that Azerbaijan's institutional ecosystem, encompassing both the public and private sectors, has developed significantly in recent years.

"This includes not only state institutions, but also the judicial system, the banking sector, business associations, and other institutions. Today, Azerbaijan's economy has a more mature institutional environment that is ready to implement complex projects," he added.