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COP29 to have positive impact on Azerbaijan's economy and cultural exchange [COMMENTARY]

5 March 2024 08:30 (UTC+04:00)
COP29 to have positive impact on Azerbaijan's economy and cultural exchange [COMMENTARY]
Ulviyya Shahin
Ulviyya Shahin
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One of Azerbaijan's notable successes is hosting COP29.

Azerbaijan once again proved its sensibility towards the environmental issue by securing the hosting rights for the 29th Conference of the Parties (COP29).

The decision to entrust Azerbaijan with this prestigious event underscores the nation's commitment to environmental sustainability and positions it as a global player in addressing climate change challenges.

The bidding process for hosting major international conferences is highly competitive, with countries around the world competing for the opportunity to showcase their capabilities and contribute to global discussions. Azerbaijan's successful bid for COP29 reflects not only the nation's diplomatic prowess but also its dedication to environmental issues.

Hosting COP29 places Azerbaijan at the forefront of global efforts to address climate change and implement sustainable practices. This conference serves as a platform for nations to come together, share insights, and formulate strategies to combat the pressing challenges posed by climate change.

Beyond its environmental significance, hosting COP29 will have a positive impact on Azerbaijan's economy and cultural exchange. The influx of international delegates, media coverage, and associated events will enhance the country's global visibility. Moreover, the exchange of ideas and perspectives during the conference will contribute to cultural enrichment and mutual understanding.

The projects associated with COP29 cover a wide spectrum, ranging from renewable energy infrastructure to sustainable transportation solutions, and from environmental conservation initiatives to green technology development. Foreign investors have the chance to participate in projects aligned with their expertise and interests, providing a platform for collaboration that extends beyond the conference.

To implement COP29 projects, Azerbaijan will need the support of not only its domestic resources but also additional assistance from foreign investors. So, what is the Azerbaijani government doing to attract foreign investors to the country? Generally, what steps should be taken to attract foreign investors to the country?

Answering the above questions, economist Natig Jafarly told Azernews that the Azerbaijani government has taken certain steps to promote investments and is still taking many decisive steps in this field. But these steps are not enough. The expert said that in order to attract more investment in the country, taxation, customs, and the judicial system need to be smooth. He added that these three main issues are what mainly interest foreign investors.

"These are tax and customs policies, the rule of law. That is, one of the foremost desires of foreign investors is to ensure their quick and fair resolution by law when their issues go to court. We have done some work and progress in these three fields, but we will need to look through them once again as we are looking forward to attracting further investments in the country," he said.

Moreover, the expert emphasised the importance of Azerbaijan joining international conventions, including the World Trade Organisation, in order to attract foreign investment more quickly.

“In that case, investors will feel more comfortable knowing that during any economic disputes, both local and international legal frameworks will quickly and fairly protect their rights. These are the issues that concern investors the most."

According to Jafarly, from an investment perspective, Azerbaijan is a very attractive country.

"Azerbaijan is very favourably located in terms of its geographical position, access to diverse markets, and logistical capabilities. If we strengthen investment promotion, it can lead to a significant influx of capital into Azerbaijan. This means new jobs, manufacturing sectors, and export potential."

Economist Rashad Hasanov also agrees with the idea of Azerbaijan's being sufficiently attractive for foreign investment.

"Because it is a raw economy and there is a huge investment potential in all areas. This also applies to the liberated territories in the Garabagh and the Eastern Zangazur regions. And in relation to the liberated territories, in addition to all of these, I also think that the acceleration of the peace agreement can also contribute.

In this case, the interest of foreign investors in the region will grow to a significant level, which is very important for us," the expert concluded.

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