BAKU, Azerbaijan, June 17. Azerbaijan attaches great importance to long-term and fruitful cooperation with the Islamic Development Bank (IsDB) Group, considering it a strategic priority, Azerbaijani Economy Minister Mikayil Jabbarov said at the opening ceremony of Private Sector Forum 2026 in the second day of the Annual Meeting of the IsDB Group in Baku, TurkicWorld's correspondent reports from the event.
The minister noted that since Azerbaijan joined the IDB in 1992, cooperation between the parties has been based on mutual trust, shared priorities, and practical results.
"Our relations with the Islamic Development Bank Group cover areas such as private sector development, trade financing, infrastructure projects, support for small and medium-sized businesses, green transition, and digital transformation. These areas are also key priorities of Azerbaijan's national economic strategy," Jabbarov emphasized.
According to him, economic diversification remains one of the country's main strategic goals.
"We see great potential in manufacturing, agriculture and food processing, logistics, renewable energy, digital technologies, and other export-oriented non-oil sectors. By combining Azerbaijan's capabilities with the IsDB Group's financial instruments and extensive partnership network, we can accelerate the implementation of both economically efficient and development-oriented projects," the minister noted.
Jabbarov also noted that under the leadership of President Ilham Aliyev, Azerbaijan has taken its rightful place in the IsDB family, and the country's development is accompanied by the emergence of new economic opportunities.
"Azerbaijan provides a wide range of support mechanisms to transform these opportunities into concrete investment projects. These include tax and customs privileges, investment protection, preferential financing instruments, industrial parks, and investment-ready platforms such as the Alat Free Economic Zone," he explained.
The minister emphasized that significant investment opportunities also exist in the liberated Karabakh and East Zangezur economic regions.
"Currently, Azerbaijan's largest reconstruction program is being implemented in these areas. These regions, located on the Middle Corridor, further strengthen the role of our country as an important logistics and transit hub connecting Europe, Central Asia, and Asia," Jabbarov noted.
He added that the results of the implemented policy are already reflected in economic indicators.
"The average annual growth rate of the non-oil and gas economy from 2021 through 2025 was 6%. During this period, the share of the non-oil and gas sector in GDP increased from 58% to 71%. At the same time, non-oil and gas exports more than doubled compared to 2018," the minister said.
Jabbarov underscored that the practical results of cooperation between Azerbaijan and the IsDB Group will be reflected in the documents to be signed within the framework of the forum.
"Today, a number of important documents will be signed between the Azerbaijan Entrepreneurship Development Fund and the Islamic Private Sector Development Corporation (ICD), including the Framework Agency Agreement, which will serve to expand business entities' access to financial resources," he noted.
The minister called on investors, financial institutions, and business representatives to take a closer look at the opportunities in Azerbaijan.
"We believe that Azerbaijan is an attractive, reliable, and fully prepared place to do business, form partnerships, and invest. We are ready to work together with the IsDB Group, member countries, and representatives of the private sector to turn these opportunities into long-term and sustainable partnerships," Jabbarov concluded.
