Revival of Karabakh will give serious impetus to development Azerbaijan’s non-oil sector – minister

The revival of Karabakh and the integration of its rich natural resources into Azerbaijan’s economic system will give a serious impetus to the development of Azerbaijan's non-oil sector, Minister of Economy of Azerbaijan Mikayil Jabbarov wrote on his Facebook account.

Earlier, Minister Jabbarov announced the ready concept of restoration and development of the lands liberated from the Armenian occupation. According to the minister, the measures taken by the state to restore and develop the liberated territories, as well as the economic potential of these regions, will create the basis for attracting new local and foreign investments, mainly in the non-oil sector.

By the decree of the President of Azerbaijan dated January 4, 2021, the Karabakh Revival Fund was established. The fund will be involved in providing financial support for the restoration and reconstruction of the liberated territories of Azerbaijan and turning them into a prosperous region with a stable economy, as well as attracting investments and developing partnerships between the state and the private sector in this area, the necessary campaigning activities at home and abroad.

Earlier, the minister also noted that in order to ensure an integrated approach to the restoration and development of the liberated territories, measures are envisaged in four stages. The initial stage includes the solution of issues of management, security, and infrastructure, and the subsequent stages - the functioning of social services, restructuring, and development of the economy.


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