BAKU, Azerbaijan, September 25. Azerbaijan prioritizes the development of long-term partnerships based on trust, the strengthening of inter-regional ties, and the creation of new economic value through these connections, Minister of Economy Mikayil Jabbarov said at the 2nd Azerbaijan International Investment Forum held in Baku today, Trend's correspondent reports from the event.
The minister noted that businesses and governments are currently re-evaluating investment directions, priorities, trade partners, and reliable relationships.
"We are meeting at a time when globalization is changing its form. Cost and efficiency remain important. However, partner reliability and supply chain resilience are carrying greater weight in the adoption of economic decisions and policies," Jabbarov emphasized.
According to him, the pandemic, disruptions in transportation and supply chains, and ongoing geopolitical tensions over the past six years have demonstrated that even events occurring far away can rapidly impact local production.
"Tariffs, subsidies, and export controls are increasingly influencing the positioning of strategic industries within the competitive landscape. Everyone is seeking resilience. This is natural. However, resilience comes at a cost. The duplication of supply chains and restrictions on technology access often drive up production costs," the minister explained.
Jabbarov announced that the role of small economies—which have a vested interest in keeping international cooperation and trade open—is steadily growing.
He noted that while governments cannot eliminate all external risks, they can make their policies more predictable and demonstrate respect for the commitments they have undertaken.
"It’s precisely in this area that we have chosen to build trust. We believe that trust is grounded in concrete evidence," Jabbarov also said.
The minister highlighted Azerbaijan's track record in fulfilling long-term commitments as a key indicator of the trust placed in the country. The Contract of the Century, signed in 1994 with a consortium of leading international energy companies on the initiative of National Leader Heydar Aliyev, established a model of strong cooperation between Azerbaijan and leading global energy companies," he mentioned.
Jabbarov also highlighted Azerbaijan's contribution to regional and global energy security.
"For over three decades, by working shoulder-to-shoulder with our partners, we have not only contributed to our own country's socio-economic development but have also acted as a reliable energy supplier for many countries within the region and beyond," the minister emphasized.
According to him, Azerbaijani gas is currently supplied to 16 countries, 10 of which are European Union members.
"This makes Azerbaijan one of the leading suppliers of pipeline gas in our geographic region. The number of countries to which Azerbaijan supplies oil and oil products is even higher," Jabbarov added.
The minister also noted that the continuity of investments and reinvestments is also a significant indicator of confidence in the country.
"Long-term partnerships continue to generate new investments and reinvestments. The majority of foreign companies operating in our country choose to reinvest their earnings in Azerbaijan—specifically in the renewable energy sector, alongside traditional energy production," he concluded.
