President Aliyev places industry and innovation at centre of economic reform |
Azerbaijan is taking decisive steps to reduce its traditional reliance on oil and gas revenues, recognising economic diversification as a cornerstone of sustainable and resilient growth. Over the past decade, the government has implemented a comprehensive strategy to strengthen non-oil industries, stimulate exports, foster innovation, and create stable employment opportunities. Central to this effort is the Entrepreneurship Development Fund (EDF), which provides preferential loans and targeted financial support to enterprises in priority sectors of the non-oil economy, enabling them to expand production, adopt modern technologies, and compete in international markets.
The significance of the non-oil sector is also reflected in the attention given by the head of state to the inauguration of new industrial facilities. Recently, President Ilham Aliyev participated in the opening of the AZWOOL mineral stone wool plant, operated by the Matanat-A company in the Garadagh district of Baku, one of several visits underscoring the government’s commitment to industrial diversification. When briefed, the President was informed that Matanat-A, which has been operating in the construction materials sector for 25 years, employs approximately 1,000 people across its enterprises. This highlights a key principle of Azerbaijan’s economic policy: sustainable growth and the creation of permanent jobs are essential components of a diversified, resilient economy.
Total project investment amounts to 43 million manats, of which 10 million manats were provided as a preferential loan by the Fund.........