Farid Gayibov: Formula 1 has become a driver of Azerbaijan's economic diversification

30 September 2026 11:20
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Farid Gayibov: Formula 1 has become a driver of Azerbaijan's economic diversification

Hosting the Formula 1 Azerbaijan Grand Prix for the tenth time in the same year that Baku holds the status of World Capital of Sport has symbolic significance, Azerbaijan's Minister of Youth and Sports Farid Gayibov has said.

As reported by İdman.Biz, the minister believes the race once again confirms Azerbaijan's position as a permanent and reliable partner in hosting major international sporting events.

"A decade of experience shows that the race is not simply a dynamic show for motorsport fans, but also a product that contributes to the country's socio-economic, cultural and institutional transformation," Gayibov told AZERTAC.

According to the minister, sport and cultural projects have become important instruments for shaping a country's international image.

"This year, the Azerbaijan Grand Prix was covered by around 300 local and foreign media representatives, while the race was broadcast live by 56 foreign television channels. During the race days, hundreds of millions of television viewers saw Baku's historic and modern architecture, further strengthening the perception of Azerbaijan as an open, modern and safe country," he said.

Gayibov also revealed that all tickets made available for the Azerbaijan Grand Prix have been sold out for the past three years. Four new grandstands were introduced, increasing the overall capacity to 21,000 spectators.

"This year, more than 17,000 foreign fans watched the race live from the grandstands, while specially designated areas recorded more than 3,000 entries per day. Overall, 92,000 visits were recorded over the four days, while more than 25,000 fans attended the entertainment zones on the Baku Boulevard on individual days.

"These figures demonstrate the project's economic sustainability and attractiveness. This flow does not only generate revenue for hotels and catering businesses. In broader terms, the project contributes to the development of the non-oil sector and represents a new philosophy for its expansion. The organisational model of the race demonstrates that sports tourism has become one of the important drivers of economic diversification," Gayibov added.

The minister also highlighted Baku's ability to reopen major transport routes to residents quickly before and immediately after the event, describing it as evidence of the high level of professionalism in urban management and logistics.

Gayibov stressed that Formula 1 also provides young people with opportunities for social engagement, volunteering and integration into global culture. According to him, concerts and other cultural events held as part of the Grand Prix attracted around 40,000 spectators.

"The Formula 1 race at the Baku City Circuit is not simply a battle for speed on the track. It is a project that enhances Azerbaijan's international profile, helps realise the country's economic and tourism potential, tests and develops urban infrastructure and revitalises the cultural environment," the minister concluded.

The 2026 Azerbaijan Grand Prix was won by Mercedes' British driver George Russell.

Idman.Biz