Income of Azerbaijan's information and communication technology sector will reach $14 billion by 2022, Azerbaijani Communication and Information Technology Minister Ali Abbasov said on Tuesday, speaking at a conference in Baku, organised jointly with the ruling New Azerbaijan party. The minister said the figure will reach about $10 billion in 2020.

Increasing income will also positively affect the growth share of ICT income in the country's GDP.

"If following 2011, the ICT share in the GDP was 2.5 per cent, by 2020 this figure is planned to be brought to 10 per cent. The IT share in Azerbaijan's production sphere following last year was 9.5 per cent. This will be increased to 25 per cent," Abbasov said.

He said one of the most important issues in ICT development is investment. According to the ministry's data for the last year, the volume of investment in Azerbaijan's ICT amounted to $415 million. This figure according to the ministry's forecast is planned to be brought to $800 million by 2020.

The volume of the country's information security market in the coming eight to10 years is estimated at $1 billion, Abbasov said.

In general, according to the minister, investment of the private sector (both local and foreign investors) in Azerbaijan's ICT in the coming 10 years will amount to $3-4 billion.