BAKU, Azerbaijan, February 20. The Azerbaijani Ministry of Economy held a meeting with the Asian Development Bank (ADB) delegation to exchange views on expanding cooperation, Trend reports via the ministry.
The Deputy Minister of Economy, Azer Bayramov, met with the delegation led by the Regional Director of the ADB Public Sector Management and Governance Sector Office, Navendu Karan.
The meeting briefed on the reforms implemented in Azerbaijan to diversify the economy, improve corporate governance, and develop the business and investment environment, as well as small and medium-sized enterprises.
The meeting noted that the digital transformation of the economy is one of the main priorities in Azerbaijan and the measures taken to implement artificial intelligence-based solutions in this direction. At the same time, the work done to further improve tax administration, apply progressive international practices, and expand digital control mechanisms was highlighted.
The parties exchanged views on expanding cooperation on issues of mutual interest.
Azerbaijan has been an ADB member since 1999, focusing on economic diversification, infrastructure, green energy, and private sector growth. By 2024, the ADB has committed over $5 billion for energy, transport, and public sector projects. Key aspects include aligning with Azerbaijan's diversification goals (2019-2024) in renewable energy, logistics, tourism, and agriculture.
Major initiatives involve railway rehabilitation (e.g., $400 million for the Sumgayit–Yalama line), improving rural water supply, and flood protection. Azerbaijan holds a 0.447% ADB capital share. Current efforts focus on developing a "green corridor" in Baku, vocational education reforms, and transitioning to a sustainable, non-oil economy, managed by the ADB Azerbaijan Resident Mission since 2004.
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