Azernews.Az

By Ayya Lmahamad

The Azerbaijan Center of the Fourth Industrial Revolution (4IR) Network of the World Economic Forum has opened in Baku, the Economy Ministry has reported.

The center's opening was accompanied by an event on “Trends of the Fourth Industrial Revolution”, organized at the Azerbaijan State University of Economics, and attended by Economy Minister Mikayil Jabbarov, World Economic Forum President Borge Brende, senior officers of a number of government agencies, scientific and educational institutions, and representatives of companies and start-up centers operating in various sectors of the economy.

At the event dedicated to the “Trends of the Fourth Industrial Revolution” presentations were made underlining the role of digitalization and modern technologies in ensuring sustainable and steady development, and the importance of greater involvement of the private sector in the development of this area.

The event highlighted Azerbaijan’s great potential for the development of the digital economy ecosystem.

As part of the event, the session "Fourth Industrial Revolution-based Economy" was held.

Answering questions at the session, Mikayil Jabbarov briefed on the impact of 4IR technologies and digitalization on the future development of the global economy.

The minister stated that strengthening the position of Azerbaijan in this process and becoming one of the leading countries is among the main goals.

"Cooperation with the World Economic Forum and its Fourth Industrial Revolution Network, the launch of one of the world's few centers of the Fourth Industrial Revolution in Azerbaijan will contribute to the rapid introduction of advanced technologies, the provision of services to citizens and the public interest, and the development of the digital economy," he said.

In turn, Borge Brende emphasized the importance of opening a center of the Fourth Industrial Revolution Network in Baku for the first time in the CIS region in terms of diversifying the economy and attracting investment.

He stressed that Azerbaijan's determination to expand digitalization inspires confidence that the country will become a regional think tank.

During the event, memorandums of understanding were signed between the Center for Analysis and Coordination of the Fourth Industrial Revolution and the State Agency for Compulsory Medical Insurance, as well as Microsoft Azerbaijan LLC.

Additionally, at the event, Borge Brende was awarded the UNEC title of Doctor Honoris Causa.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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