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Akbar Novruz

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The meeting between President Ilham Aliyev and Jared Cohen, President of Global Affairs at Goldman Sachs, has sparked discussions about its potential significance for Azerbaijan’s economic trajectory. While cooperation between Azerbaijan and Goldman Sachs has been ongoing since 2010, most notably through the State Oil Fund’s partnership with the company, the timing of this engagement, coming amid the initialing of the peace agreement with Armenia and a broader strengthening of Azerbaijan-US relations, invites closer analysis. Beyond reaffirming established ties, the meeting raises questions about whether it could mark a step toward deeper integration with global financial institutions and new opportunities for foreign investment.

Can this meeting be considered a signal of a new stage in Azerbaijan’s economic strategy, and what potential benefits could the country gain from deeper engagement with Goldman Sachs?

Economic expert Rashad Hasanov shared his insights with Azernews. The expert states that rather than evaluating this as a new beginning or a change for an economic strategy, it serves as more of a financial and economic opportunity.

“In general, I think it would not be right to evaluate this meeting as the beginning of a new economic strategy or a symptom of trends in this direction. Because the current processes and the analysis of the government’s policy show that a vision or strategy for seriously changing the economic model in Azerbaijan is not on the agenda yet. Ensuring the development of the economy in one way or another, while maintaining the current status quo, is a strategy preferred by Azerbaijan. From that point of view, I would not mark this meeting as a beginning or signal in this direction.

However, at the same time, I think that the fact that this meeting coincides with the initialing of the peace agreement between Azerbaijan and Armenia through the mediation of the United States and the setting of directions for strategic cooperation between Azerbaijan and the United States is of particular importance in a certain sense. I would evaluate this as a signal for US companies to show greater interest in Azerbaijan or as an important step within the framework of the planned strategic cooperation.

Undoubtedly, Goldman Sachs is among the largest companies in the world — its investment potential, banking policy, and asset management experience, supported by a large expert group, can provide significant value. In this regard, effective cooperation with it can form various perspectives for Azerbaijan. Let’s look at them:

• Its current participation in the management of the oil fund in Azerbaijan and provision of consulting services in this direction.

• Expanding the transformation of certain institutions and state enterprises.

• Supporting Azerbaijan as a direct investor in the banking sector, offering recommendations on the integration of foreign capital, and contributing to the formation of a strategic vision for economic diversification.

• Determining targets for sustainable economic development, identifying weak points, and cooperating in various forms to address them.

• In the long term, facilitating cooperation in financing, consulting, and the formation of state assets in the liberated territories.

It is a great experience. I hope that this will be a beginning, and with this, together with the US and Europe, by opening the way for companies and capital managers from developed countries to the Azerbaijani market, a situational environment regarding the transition to a more liberal economy in the country will be achieved.”