BAKU, Azerbaijan, June 18. Azerbaijan has opportunities for expanding regional cooperation in trade, investment, and sustainable development, UN Special Envoy on Financing Sustainable Development, Mahmoud Mohieldin, told Trend on the sidelines of the 14th Private Sector Forum of the Islamic Development Bank Group.
Answering the question about the level of cooperation between the UN system and Azerbaijan in the field of financing sustainable development, he noted that the development of several directions is necessary for effective cooperation.
"For cooperation, it's necessary to work in four directions: improving trade, investments, financial flows, as well as providing technical and technological assistance and developing potential. Currently, there are significant constraints on financing flows from developed economies to low-income countries and countries in the Global South. We aren't in a very good position in these matters, as there are serious constraints on financing flows from developed economies to low-income countries and countries in the Global South," he said.
At the same time, Mohieldin emphasized that this situation opens up new opportunities for middle-income countries, including Azerbaijan.
"This creates opportunities for countries like Azerbaijan to do more at the regional level and even beyond the region through mutually beneficial cooperation. Strengthening public-private partnerships is essential to achieving the Sustainable Development Goals. The 17th Sustainable Development Goal is dedicated specifically to strengthening partnerships and investments in human capital, infrastructure, and development. This requires collaboration not only between governments but also with the private sector," said Mohieldin.
Commenting on the possibility of creating a regional sustainable finance platform with Azerbaijan's participation, he noted that the necessary preconditions already exist.
According to him, Azerbaijan is actively promoting initiatives in investment, trade, and regional cooperation.
"Even before COP29, Azerbaijan had put forward many ideas related to investment, trade, and interaction with neighboring countries. These were good initiatives to start with, and they didn't stop after the COP, but rather continued. We see the Baku Investment Forum and expanded cooperation not only on the climate agenda, but also on development, business, and other areas," he noted.
Speaking about the possibility of creating a unified financing mechanism for projects along the Middle Corridor, the UN Special Envoy emphasized that the UN system already has tools capable of supporting such initiatives.
"Various mechanisms and institutions already exist within the UN system, such as the SDG Fund, the UN Capital Development Fund, UNDP, and specialized programs, which can play a catalytic role in regional initiatives. There is no need to create a new structure within the UN to support such projects.
If the idea is to create regional mechanisms for developing trade, investment, financial, and technological cooperation, the UN system already has numerous partnerships and tools ready to provide the necessary support," he announced.
