By Sadig Javadov

Copyright trend

BAKU, Azerbaijan, September 22. Azerbaijan acts
as the natural center of the South Caucasus not only
geographically, but also in terms of logistics, energy, and other
areas, the country’s Minister of Economy Mikayil Jabbarov said at
the First Azerbaijan International Investment Forum held today in
Baku, Trend

He first spoke about the context and timeframe of this event: “I
believe that after the historic agreement of August 8, the signing
of a preliminary peace agreement between Azerbaijan and Armenia
with the participation of President Aliyev, Prime Minister
Pashinyan, and President Trump, as well as the creation of the
transport and communication and ”Zangezur” corridor (also known as
TRIP), this event is of particular importance in the context of the
full realization of the economic potential of the South Caucasus
and Central Asia. Azerbaijan acts as the natural center of this
region not only geographically, but also in terms of logistics,
energy, and other areas. I propose to consider the value
proposition of Azerbaijan and the region in this context.”

The minister stated that the forum will discuss the role of
fragmented economies on the one hand and developing economies on
the other: “In the region as a whole, Azerbaijan is, of course,
also economically part of the Middle East, and it is no coincidence
that far-sighted projects are being implemented aimed at
diversification, moving away from the existing powerful traditional
energy sector. At the same time, economic integration is becoming
increasingly noticeable in terms of political structure and
context. We often talk about East-West relations. This will remain
important in the future. In my opinion, one of the interesting
panels here will be devoted to general coordination, but the
North-South direction should also be taken into account.”

Jabbarov spoke about the continuing role of the state in
promoting economic activity: “The main function is to maintain
stability and ensure the macroeconomic and financial foundation. I
don’t want to repeat the figures, but they testify to the health of
the macroeconomic and financial system. At the same time, from an
investor’s point of view, we will see greater development of
public-private partnership (PPP) models. Here, the state plays not
only a stabilizing role, but also a stimulating one. I would like
to note that there are also a number of means and instruments. Some
projects are implemented jointly with friendly countries, others on
a sovereign basis. One such PPP project will be signed after this
session and will be noted separately.”

Fourthly, it should be noted that European markets, especially
the European Union, including Italy, remain Azerbaijan’s main trade
and economic partners. This is because Azerbaijani oil and gas are
of great importance to European markets. We supply not just one
country, but 14 countries, 12 of which are European. At the same
time, in addition to the traditional energy sector, there are many
opportunities in the field of renewable energy.

“Concerning diversification, I would like to emphasize that we
not only invite local and foreign investors to do business in
Azerbaijan, but are also open to sharing risks. We are happy to
talk about technology transfer. In this context, growing economic
cooperation with Chinese companies reflects a new page in
Azerbaijan’s growing interest.

My colleagues and I will be present during these two days, and I
would like to once again express my gratitude to all the
distinguished guests, my colleagues, ministers, and other
government officials who accepted our invitation and visited
Azerbaijan,” the minister noted.