The hydrocarbon industry is the largest sector of the economy in Azerbaijan, accounting for about 50% of GDP and 75% of exports. Baku is the hub of this industry and home to the headquarters of the state-owned oil company, SOCAR. The city also houses the Baku Oil Refinery, which is one of the largest refineries in the world. The hydrocarbon industry has been a major driver of economic growth in Azerbaijan and has financed much of the country’s infrastructure development.
In recent years, Baku has also become an important center for technology and innovation. The government of Azerbaijan has invested heavily in the development of technology parks and incubators, which has helped to attract both local and foreign entrepreneurs to the city. Baku is also home to several universities and research institutions, which have contributed to the development of a skilled workforce for the technology sector.
Tourism is another important sector of the economy in Baku. The city has a number of historical and cultural sites, such as the Old City, which is a UNESCO World Heritage Site. Baku also has a number of modern attractions, such as the Flame Towers, which are the tallest buildings in Azerbaijan. The city is also home to a number of festivals and events throughout the year, which attract tourists from around the world.
In conclusion, Baku is the main contributor to the economy of Azerbaijan. The city is home to the hydrocarbon and mineral industries, as well as a burgeoning technology sector. Baku also benefits from being a major tourist destination.
