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Azerbaijan Railways, McKinsey mull corporate strategy development

9 March 2021 11:40 (UTC+04:00)
Azerbaijan Railways, McKinsey mull corporate strategy development

By Ayya Lmahamad

Azerbaijan and the world’s leading McKinsey & Company held a video conference as part of the agreement to develop Azerbaijan Railways’ Corporate Strategy until 2030.

Azerbaijan Railways’ Chairman Javid Gurbanov emphasized that as a result of increased attention to the railways sector and ongoing reforms, the company’s financial obligations have been optimized.

Adding that the work has begun to modernize the railway infrastructure and rolling stock, the chairman noted that operational efficiency is improving.

Gurbanov also stressed the importance of joint efforts to develop the railroad sector, highlighting the steps taken in the country’s large state structures to improved corporate governance.

Speaking about the establishment of a railway towards Nakhchivan, Gurbanov underlined that this will expand opportunities to influence regional transport flows and create new opportunities in the transport sphere.

During the videoconference, representatives of the consulting company made a presentation on the progress of the project. International experts of the railway industry presented the most successful examples in this area and gave appropriate advice, discussed the company's strategic goals and other issues.

The meeting also discussed increasing Azerbaijan Railways’ commercial potential and attracting global freight, as well as the impact of the region's social and economic problems on the rail sector.

It should be noted that Azerbaijan Railways signed an agreement with McKinsey & Company on May 21, 2020 to develop the corporate strategy of the Azerbaijan Railways for the period up to 2030.

McKinsey & Company is management consulting firm, founded in 1926 that provides advice on strategic management to corporations, governments and other organizations.

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

Follow us on Twitter @AzerNewsAz

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