BAKU, Azerbaijan, May 5. On May 5, as part of the Asian Development Bank (ADB) Annual Meeting in Samarkand, Uzbekistan, Sahil Babayev, Minister of Finance of the Republic of Azerbaijan, participated in the plenary session of the Board of Governors on “Global Value Chains and Inclusive Development,” Trend reports via the Ministry of Finance.
The session focused on technological transformation in global value chains, advancing regional integration, and strengthening economic resilience. Participants highlighted that automation, artificial intelligence, and digital technologies are rapidly reshaping production and supply chains, elevating the role of the service sector and creating new challenges for economies worldwide.
The discussions also underscored the importance of skills development, infrastructure enhancement, digitalization, and expanded access to finance for developing countries to more effectively integrate into global value chains. In this context, the pivotal role of the ADB in fostering economic resilience through regional cooperation and supply chain diversification was emphasized.
On the third day of the Annual Meeting, Minister Babayev held a bilateral meeting with Georgian Finance Minister Lasha Khutsishvili. The sides reaffirmed the high level of strategic partnership between Azerbaijan and Georgia, highlighting the Intergovernmental Commission as a key platform for coordinating bilateral cooperation and advancing priority areas within the framework of institutional collaboration.
Babayev noted that cooperation in the field of transport and transit, especially the Baku-Tbilisi-Kars railway and other logistics routes within the framework of the Middle Corridor connecting Asia and Europe, makes a significant contribution to the expansion of regional trade and strengthening the sustainability of supply chains. The Minister emphasized the importance of strengthening coordination on transit policy in this area.
He also touched upon strategic regional energy projects and said that the Caspian-Black Sea-Europe Green Energy Corridor and the Azerbaijan-Georgia-Türkiye-Bulgaria energy corridor are of great importance in terms of deepening regional cooperation, and accelerating the implementation of these projects, as well as attracting international financing, are among the priorities.
During the meeting, views were also exchanged on reforms in the field of public finance, strengthening fiscal sustainability, public-private partnership mechanisms, and cooperation with international financial institutions, and the importance of strengthening coordination on regional projects was emphasized. The parties agreed to prepare and sign a memorandum of cooperation between the Ministries of Finance of the two countries in the near future.
During the meeting of Deputy Minister of Finance Himalay Mamishov with representatives of the Ministry of Finance of the People's Republic of China, the dynamic development of relations between Azerbaijan and China was highly appreciated, and it was emphasized that bilateral relations are based on political trust, as well as increased cooperation in the fields of energy, transport, and digital transformation. It was noted that Azerbaijan is interested in further strengthening its partnership with China on both bilateral and multilateral platforms, including within the ADB. At the same time, Azerbaijan's commitment to the agenda of strengthening transport and logistics connections in the region, sustainable development, and regional integration was once again expressed.
The meeting emphasized that more active participation of Chinese companies in Azerbaijani industrial zones, expansion of cooperation opportunities in the fields of manufacturing and green technologies, digital economy, and logistics are in line with the strategic interests of our country, and the importance of implementing partnership projects in this direction.
Mamishov noted that China is one of Azerbaijan's main trade partners. He said that there is great potential for further expansion of economic and trade cooperation between Azerbaijan and China. It was noted that, in particular, diversification of exports and increasing trade turnover in the non-oil sector act as one of the main development directions of mutual relations.
The Chinese side asked to consider the issue of Azerbaijan's possible membership in the Shanghai Cooperation Organization Development Bank.
During Mamishov's meeting with Konstantin Limitovsky, Chief Investment Officer of the Asian Infrastructure Investment Bank (AIIB), it was noted that cooperation between Azerbaijan and AIIB continues successfully, and it was emphasized that the Bank acts as one of the main international financial partners of Azerbaijan in the areas of infrastructure development and green transition.
The Deputy Minister of Finance said that Azerbaijan, as a founding member of AIIB, has been successfully continuing its cooperation with the Bank since 2016, and this cooperation serves the realization of the country's strategic development goals in full accordance with "Azerbaijan 2030: National Priorities for Socio-Economic Development". At the same time, commitment to the Joint Declaration signed in September 2025 was once again expressed.
The meeting noted that appropriate financing has been provided for projects financed by the AIIB, including the TANAP gas pipeline, the Banka and Bilasuvar solar power plants, and other projects.
The parties also stressed the importance of expanding cooperation in priority areas such as the expansion of the Baku metro, sustainable infrastructure, green energy, climate financing, public-private partnerships, and digital infrastructure, and exchanged views on diversifying financing instruments and strengthening regional cooperation.
Within the framework of the meeting, members of the Azerbaijani delegation also participated in the event "Connecting Regions with Tourism" held within the framework of the ADB's Central Asia Regional Economic Cooperation (CAREC) program.
The session, moderated by Sunniya Durrani-Jamal, ADB Country Director for Azerbaijan, noted that the share of the tourism sector in global GDP currently amounts to approximately 10 percent, and there is great potential to increase this indicator to 13 percent in the CAREC region by 2030. The importance of coordinated action among the countries of the region was emphasized to achieve this goal.
Moreover, it was noted that in terms of tourism development, it is of great importance to identify the comparative advantages of the countries of the region, form unified tourism routes covering the region, introduce unified visa mechanisms on these routes, and simplify border-crossing processes. At the same time, the need to widely apply digital tools in the tourism sector and take steps to promote the region as a unified tourism destination was highlighted.
In addition, increasing the activity of the private sector in the tourism sector and creating a favorable business environment in this direction were noted as important factors.
Within the framework of the event, it was also stated that ADB is ready to provide support to the countries of the region in the development of the tourism sector and strengthening regional integration.
