Azerbaijan’s President Ilham Aliyev has announced a new State Programme aimed at developing the country’s mining and metallurgy sectors, which are seen as crucial for the economic diversification away from oil dependency. During a meeting held to unveil the programme, Aliyev highlighted the importance of these industries in creating over 5,000 permanent jobs and strengthening the non-oil sector of the economy. The programme, which is set to be fully implemented by 2030, is part of a broader strategy to enhance the socio-economic development of various regions in Azerbaijan.
The president noted that the mining industry has not reached its full potential due to historical challenges, including the occupation of certain resource-rich areas. He pointed out that many deposits discovered during the Soviet era are located in regions that were previously occupied and have suffered from neglect and exploitation. However, with the recent liberation of these territories, Azerbaijan is poised to begin extensive geological exploration and development of its mineral resources, including gold, copper, and molybdenum.
Aliyev emphasised the need for a complete production chain in the mining sector, from extraction to processing, to maximise economic benefits. The establishment of the Western Industrial Park is a key initiative aimed at supporting this development, providing the necessary infrastructure and facilitating the creation of processing facilities. The president also called for environmentally sustainable practices to be adhered to, ensuring that the natural landscape is preserved while developing these industries.
The new programme is expected to attract both local and foreign investment, with incentives for private sector participation. Aliyev expressed optimism about the potential financial returns, estimating that the programme could generate significant tax revenues and contribute to the overall economic growth of Azerbaijan. He reiterated the government’s commitment to ensuring that the mining and metallurgy sectors are developed responsibly and sustainably, aligning with international environmental standards.
Overall, this initiative represents a significant step towards revitalising Azerbaijan’s mining sector and leveraging its natural resources for long-term economic stability and growth. The government is determined to implement the programme effectively within the stipulated timeframe, aiming for a robust and diversified economy by 2030.
