{
  "id": 1473312,
  "title": "Azerbaijan seeks to nurture tech sector as it looks beyond oil",
  "url": "https://urgent.news/2026/08/17/azerbaijan-seeks-to-nurture-tech-sector-as-it-looks-beyond-oil",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-17T11:00:22.000Z",
  "source": {
    "name": "Yahoo Finance",
    "slug": "yahoo-finance",
    "url": "https://finance.yahoo.com/technology/articles/azerbaijan-seeks-nurture-tech-sector-110022390.html"
  },
  "original_language": "en",
  "account": "Baku, Azerbaijan, once heavily dependent on its oil and gas exports, is now focusing on nurturing its fledgling technology sector with a series of reforms designed to attract foreign investment. Since gaining independence in 1991, the former Soviet republic has relied on energy exports, with hydrocarbons accounting for about three-quarters of economic output and 90% of exports at the peak of the oil boom. However, the technology sector has only contributed 2.1% of the country's gross domestic product in recent years, up from 1.9% in 2024. The government aims to increase this share and transform Baku into a technology and innovation hub on the Caspian Sea. To facilitate this growth, legislation passed in July establishes a legal framework for investment instruments, enabling startups and investors to structure deals in Azerbaijan, reducing costs and streamlining the process for subsequent funding rounds. Foreign venture capital and corporate and institutional investors are expected to play a significant role in funding the industry. Deputy Digital Development Minister Rashad Hasanov anticipates a substantial influx of new funding from these sectors. Additionally, Baku plans to launch a fund to consolidate both local and international capital, with the size of the fund determined by the quality of the pipeline and the partners involved. Azerbaijani entrepreneur Tural Selimli of Sera AI welcomed the new investment framework but emphasized the need to build awareness and trust among foreign venture capital and angel investors. Central Bank Governor Taleh Kazimov expressed optimism that new players will enter the market once the regulations for equity- and debt-based crowdfunding are approved, giving the bank six months to review the proposed changes.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}