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Akbar Novruz

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Azerbaijan is once again at the 'forefront' of World Economic Forum held in Davos. In an era defined by rapid digital transformation, Azerbaijan is positioning itself as a competitive hub for local and international investments. This was outlined in the World Economic Forum’s (WEF) report, “Impact Report: Centre for the Fourth Industrial Revolution Network 2023-2024,” which highlighted the country’s efforts in fostering an innovative and business-friendly environment.

Central to this effort is the country’s “Digital FDI” initiative, designed to attract foreign investment in the digital economy. Key achievements highlighted in the report include:

• The creation of the “InvesTech” calculator, a tool that streamlines investment decisions by providing transparent insights into Azerbaijan’s digital landscape.
• Strategic seminars and knowledge-sharing sessions that have helped local businesses align with global digital transformation trends.
• Enhanced support for startups, fostering an entrepreneurial culture that strengthens Azerbaijan’s position as a leader in the digital economy.

Minister of Economy Mikayil Jabbarov, whose remarks were included in the WEF report, highlighted Azerbaijan’s progress in creating an enabling environment for startups and innovation. He referred to the WEF’s “IDEA: Investing in the Digital Economy of Azerbaijan” initiative, published in June 2024, which praised the country’s achievements in digital transformation and its investment ecosystem.

President Ilham Aliyev’s agenda at the forum showcased Azerbaijan’s growing influence, as he engaged with global leaders and top executives of major corporations, solidifying the nation’s reputation as a dynamic player on the world stage.

Meeting with German Chancellor Olaf Scholz

One of the most noteworthy engagements was the meeting between President Ilham Aliyev and German Chancellor Olaf Scholz. Held upon Scholz’s request, the meeting underscored the increasing interest in Azerbaijan as a key partner in the global arena. Discussions revolved around Azerbaijan’s expanding role in energy security, economic diversification, and regional stability. The meeting also highlighted Azerbaijan’s emergence as a focal point for investment and cooperation, reflecting the country’s successful navigation of complex geopolitical challenges.

Engagements with Leading Global Corporations

President Aliyev’s meetings with representatives of major global companies such as Carlsberg Group, DP World, and Goldman Sachs further emphasized Azerbaijan’s appeal to international investors. Each of these companies holds a significant position in the global economy:

• Carlsberg Group: A leading international brewer with a long-standing presence in Azerbaijan, the company’s discussions with President Aliyev signal its continued interest in the local market and its potential expansion.
• DP World: As one of the world’s largest port operators and a leader in geographical diversification, DP World’s engagement with Azerbaijan highlights the country’s strategic location as a hub for logistics and trade along the Middle Corridor.
• Goldman Sachs: With assets under management exceeding $2.8 trillion, Goldman Sachs’ meeting with President Aliyev underscores Azerbaijan’s growing attractiveness as an investment destination, particularly in sectors like finance, energy, and infrastructure.

These meetings not only reaffirmed Azerbaijan’s status as a reliable partner for global business but also highlighted the confidence of international investors in the country’s economic stability and potential.

Meeting with the EBRD President: Ganja at the main core

President Ilham Aliyev also held a significant meeting with Odile Reno-Basso, the President of the European Bank for Reconstruction and Development (EBRD). Discussions centered on ongoing projects, including the water management initiative in Ganja. This project underscores Azerbaijan’s focus on regional development beyond East Zangezur and Garabagh giving a glimpse of what comes, highlighting Ganja as a key area of transformation:

• Ganja will host the CIS Games this year, complemented by the construction of a new stadium and the opening of the largest Olympic Sports Complex in Azerbaijan.
• Comprehensive urban renewal plans, including major infrastructure upgrades, restoration of historical buildings, and modernization of transport systems, are set to elevate Ganja’s profile.
• The EBRD’s involvement reflects the international community’s confidence in Azerbaijan’s development trajectory.

Azerbaijan’s Support for Ukraine

A meeting held at the request of the President of Ukraine reaffirmed Azerbaijan’s commitment to supporting Ukraine’s territorial integrity and sovereignty. This solidarity is rooted in a history of mutual respect, evidenced by President Zelensky’s 2019 visit to Azerbaijan and President Aliyev’s visit to Kyiv on the eve of the war in 2022.

At Davos, the evolving European stance on Ukraine was also a key topic. President Aliyev’s discussions shed light on the broader geopolitical implications of the conflict, as Europe signals a shift towards seeking an “unfair peace” in Ukraine. This shift has not gone unnoticed by the Ukrainian leadership, which continues to face challenges exacerbated by the Biden administration’s policies, and expected or even hope to change with President Trump's second tenure at the White House.

Key topics of discussion at the World Economic Forum (WEF) in recent years have included energy security, the advancement of new "green" initiatives, and the execution of measures to fulfill the United Nations climate agenda.

During President Ilham Aliyev’s participation in the Davos Economic Forum, we attended the session titled ‘Leaders Circle: Financing the Energy Transition – A New Horizon.’ Mikayil Jabbarov, Azerbaijan's Minister of Economy, shared on his social media platform that the discussions were fruitful, focusing on the essential opportunities and challenges associated with a successful energy transformation, as well as the financing aspects of the energy transition. He also noted the exchange of perspectives regarding Azerbaijan’s proactive initiatives in promoting global energy security and ensuring a reliable energy supply as a trusted partner, while also advancing a fair approach and the green energy transition strategy, alongside the outcomes achieved at COP29, which was hosted by Azerbaijan.

Climate challenges continue to be a primary focus at this year's World Economic Forum, especially in light of recent extreme weather incidents. Consequently, the forum's agenda encompasses discussions on the global development and financing of "green" technologies.

Through high-level meetings, innovative initiatives, and unwavering support for global stability, Azerbaijan has positioned itself as a cornerstone of regional and international cooperation. As the country continues to attract global attention and investment, its role in shaping the future of energy, digital transformation, and economic resilience remains more critical than ever.