BAKU, Azerbaijan, October 31. An event titled “Azerbaijan’s Sovereign Credit Rating and Economic Outlook: Uncovering the Regional Potential of the Caucasus and Central Asia” was held at the Embassy of Azerbaijan in the United Kingdom, Trend reports.
The event brought together Azerbaijani and international professionals working in leading British companies, representatives of the City of London Corporation, government institutions, and economic experts.
The discussion was moderated by Jamal Ismayilov, Partner and Head of Oliver Wyman for Azerbaijan. He noted that this year, Azerbaijan has achieved significant progress on its path of economic development. In particular, the international rating agency Moody’s upgraded the sovereign credit rating of Azerbaijan from Ba1 to the investment grade level Baa3. Ismayilov emphasized that over the past decade, the government has consistently pursued a clear and purposeful economic strategy, strengthening the country’s resilience and enhancing its long-term competitiveness. He added that the positive decision by Moody’s and other rating agencies regarding Azerbaijan reflects the high level of confidence in the country’s ongoing economic reforms. According to Ismayilov, this achievement should further inspire Azerbaijan to deepen institutional reforms, expand the private sector, and strengthen economic ties with partners around the world, including the United Kingdom.
During the panel discussion, Daniela Re Fraschini, Vice President at Moody’s Rating Agency, and Gabin Levy, Senior Analyst at Oppenheimer & Co Investment Bank, delivered speeches.
They provided insights into Azerbaijan’s sovereign credit rating and economic resilience. The speakers noted that Moody’s decision was based on factors such as the country’s fiscal policy, macroeconomic indicators, reduction of oil dependency, efforts toward economic diversification, investor confidence, institutional reforms, financial capabilities, as well as Azerbaijan’s strategic position in the South Caucasus and Central Asia in terms of transport, logistics, and economic integration. The experts also highlighted that following the August 8 Washington Summit, the normalization process between Azerbaijan and Armenia had a notably positive impact on improving the country’s investment rating.
In his remarks, Elin Suleymanov, Ambassador of Azerbaijan to the United Kingdom, stated that the nation’s achievements are the result of far-sighted and wise political, economic, and social reforms carried out under the leadership of President Ilham Aliyev. He also emphasized that the signing of the preliminary peace agreement and the normalization process between Azerbaijan and Armenia open new opportunities not only for both countries but for the entire South Caucasus and Central Asia region. This will create favorable conditions for the more efficient operation of regional trade and transport corridors, the expansion of energy and logistics projects, as well as the growth of economic cooperation and investment flows.
At the conclusion of the event, the establishment of the Azerbaijan–UK Business Council was announced. The main goal of the organization is to strengthen trade and economic relations between the two countries, facilitate business cooperation, promote bilateral trade, experience and knowledge exchange, protect the interests of the business community, and enhance cultural ties.