World Bank highlights Azerbaijan's tourism potential

Azerbaijan needs to accelerate the diversification of its economy, and tourism could become one of the key sources of sustainable growth in the long term, the World Bank’s Regional Director for the South Caucasus, Rolande Pryce said at the event “Unlocking Tourism's Potential to Drive Economic Growth and Diversification.”

Over the past decade, Azerbaijan has demonstrated resilience in the face of external challenges. This has been facilitated by effective macroeconomic management, substantial fiscal reserves, and prudent government policies, she noted.

“The gradual decline in hydrocarbon production means that sustaining economic growth and creating quality jobs will increasingly depend on the development of the non-oil sector of the economy,” Pryce said.

Pryce noted that Azerbaijan possesses a unique combination of advantages: a rich cultural heritage, diverse natural landscapes, well-developed international transport links, and a strategic location between Europe and Asia, but Azerbaijan’s tourism potential has not yet been fully tapped.

"Further development of the industry will require a shift from a model focused primarily on Baku and hosting events to a more diversified tourism ecosystem that unlocks the potential of the country’s regions,” Pryce said.