“One of the main priorities for our government today is the diversification of our economy through directing oil and gas revenues into the non-oil sector” explained H. E. Mir-Hamza Efendiyev Azerbaijan Ambassador to the Netherlands in a note published in the Diplomat on Nov. 1.

Non-oil GDP grew by 9.2 percent in the first half of the year according to a report by the World Bank on Oct. 15. “It was fueled by public investment related to the European Games the Trans-Anatolia Natural Gas Pipeline (TANAP) partnership with Turkey and ongoing projects in the Shah Deniz gas field. Agriculture and non-oil manufacturing including food-processing chemical production and construction materials also experienced robust growth the report said.

The share of the non-oil sector in Azerbaijan’s economy is now up to 60 percent Efendiyev said. “Significant importance is now given to the modernization of public services modern communication and information technologies” he added.

“The potential for businesses to thrive is huge in Azerbaijan’s region and many opportunities have been overlooked for a long time” said Neil McKain head of the Baku office of the European Bank for Reconstruction and Development (EBRD). “Building a strong SME sector is key to supporting sustainable growth and help build a diverse economy in the long run” he added.

Foreign investment in Azerbaijan increased by 43.1 percent to AZN 4.96 billion ($3.8 billion) from January to September from the same period in the previous year Sahil Babayev Azerbaijan Deputy Minister of Economy and Industry told the press on Oct. 29.

“At an early stage of Azerbaijan's independence foreign investments were mainly made in the oil sector of the economy” Babayev said. “But now the volume of foreign investments in the non-oil sector is also growing. Investments from Russia and Turkey play an important role in the non-oil sector.”

One rapidly developing sector with the help of foreign investment is information technology. The sector has received $3 billion in foreign investment over the past three years according to European Commission statistics as the country is seen as a central networking hub for the central Asia region.

It is also the headquarters of the UN Trans-Eurasian Super Highway (TASIM)project which will bring enhanced-bandwidth services to the area between Frankfurt and Hong Kong. The UN project is intended to reduce the digital divide between Western and Eastern Europe and Central Asia.

For Turkey Azerbaijan’s prosperity has been important. Turkey is the country’s sixth trade partner and the principle destination for Azeri exports.

The country through its energy company Socar has made a series of investments in Turkey. Socar built the Star refinery at Aliaga on the Aegean coast. The Azeri company also owns Petkim a petrochemical company. Total investment in shared oil and gas projects is expected to rise to $45 billion by 2018 according to statistics from the Turkish energy ministry.