BAKU, Azerbaijan, June 17. The Islamic Development Bank (IsDB) plays an important role in increasing the competitiveness of Azerbaijani business and expanding economic cooperation between the member countries of the organization, Mikayil Jabbarov, Minister of Economy of Azerbaijan, stated during a dialogue within the framework of the annual meetings of the Islamic Development Bank (IsDB) Group in Baku, Trend's correspondent reports from the event.
According to the minister, supporting the private sector remains one of the key areas of cooperation.
"The priority is small and medium-sized enterprises, because ultimately, it is about the development of the private sector itself. Access to finance and access to knowledge are precisely the areas where we combine our efforts," he said.
Jabbarov noted that Azerbaijan and the IsDB continue to work on a new country cooperation strategy.
"We will jointly complete the work on the country strategy and align it with the announced national development priorities. The IsDB was and remains our reliable partner both in developing solutions and in their practical implementation," the minister emphasized.
He noted that the transformation of Azerbaijan's economy makes cooperation with the bank particularly relevant.
"Our economic structure has changed, as we transitioned from an economy largely based on the public sector to a model where private business plays a leading role," Jabbarov said.
The minister also drew attention to the expansion of areas of support from the financial institutions of the IsDB Group.
"Today we witnessed the signing of a number of agreements covering various fields—from financial services to promising areas of the new economy and elements of the new industrial revolution," he said.
According to him, the significance of the IsDB goes far beyond the financing of individual projects.
"The role that the bank plays and can play in the further development of trade and economic relations between member states cannot be overstated," Jabbarov noted.
He emphasized that Azerbaijani companies receive the necessary tools to enter foreign markets.
"Our companies, when going abroad, always have access to financial instruments provided by the IsDB Group. Therefore, we view this contribution much more broadly than just an impact on GDP—we are also thinking about the growth of national income," the minister said.
Particular significance, according to him, lies in the impact of cooperation with the bank on the development of the corporate culture of domestic business.
"Working with various arms of the IsDB has a very positive impact on the ability of our companies to comply with international standards. This is especially important for small and medium-sized businesses," Jabbarov emphasized.
Jabbarov added that modern requirements for business already go beyond traditional competencies.
"We believe in a new definition of corporate literacy. It includes digitalization, and the ability to operate at a regional and even global level. It is precisely on this path that the IsDB becomes the partner that helps companies undergo the transformation stage," the minister concluded.
