BAKU, Azerbaijan, September 22. Azerbaijan acts as the natural center of the South Caucasus not only geographically, but also in terms of logistics, energy, and other areas, the country's Minister of Economy Mikayil Jabbarov said at the First Azerbaijan International Investment Forum held today in Baku, Trend reports.
He first spoke about the context and timeframe of this event: “I believe that after the historic agreement of August 8, the signing of a preliminary peace agreement between Azerbaijan and Armenia with the participation of President Aliyev, Prime Minister Pashinyan, and President Trump, as well as the creation of the transport and communication and ”Zangezur" corridor (also known as TRIP), this event is of particular importance in the context of the full realization of the economic potential of the South Caucasus and Central Asia. Azerbaijan acts as the natural center of this region not only geographically, but also in terms of logistics, energy, and other areas. I propose to consider the value proposition of Azerbaijan and the region in this context."
The minister stated that the forum will discuss the role of fragmented economies on the one hand and developing economies on the other: "In the region as a whole, Azerbaijan is, of course, also economically part of the Middle East, and it is no coincidence that far-sighted projects are being implemented aimed at diversification, moving away from the existing powerful traditional energy sector. At the same time, economic integration is becoming increasingly noticeable in terms of political structure and context. We often talk about East-West relations. This will remain important in the future. In my opinion, one of the interesting panels here will be devoted to general coordination, but the North-South direction should also be taken into account."
Jabbarov spoke about the continuing role of the state in promoting economic activity: "The main function is to maintain stability and ensure the macroeconomic and financial foundation. I don't want to repeat the figures, but they testify to the health of the macroeconomic and financial system. At the same time, from an investor's point of view, we will see greater development of public-private partnership (PPP) models. Here, the state plays not only a stabilizing role, but also a stimulating one. I would like to note that there are also a number of means and instruments. Some projects are implemented jointly with friendly countries, others on a sovereign basis. One such PPP project will be signed after this session and will be noted separately."
Fourthly, it should be noted that European markets, especially the European Union, including Italy, remain Azerbaijan's main trade and economic partners. This is because Azerbaijani oil and gas are of great importance to European markets. We supply not just one country, but 14 countries, 12 of which are European. At the same time, in addition to the traditional energy sector, there are many opportunities in the field of renewable energy.
"Concerning diversification, I would like to emphasize that we not only invite local and foreign investors to do business in Azerbaijan, but are also open to sharing risks. We are happy to talk about technology transfer. In this context, growing economic cooperation with Chinese companies reflects a new page in Azerbaijan's growing interest.
My colleagues and I will be present during these two days, and I would like to once again express my gratitude to all the distinguished guests, my colleagues, ministers, and other government officials who accepted our invitation and visited Azerbaijan," the minister noted.