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Tuesday June 28 2022

Minister praises strong performance of Azerbaijani economy

24 May 2022 17:52 (UTC+04:00)
Minister praises strong performance of Azerbaijani economy

Economy Minister Mikayil Jabbarov has said that the Azerbaijani economy is showing strong performance, both from the fiscal side and in terms of economic output, Azernews reports.

He made the remarks speaking at the World Economic Forum in Davos.

Noting that nowadays there is an increased importance of regional cooperation, the minister emphasized that the Middle Corridor became an important route not only for the region but also for cargo flow from China to Europe.

"The investments that have been made over the previous decades in transport and infrastructure in cooperation with neighboring countries, are yielding results today," he said.

Mikayil Jabbarov also stated that the signing of a peace treaty between Azerbaijan will further increase the reliability of the Middle Corridor.

“The impact of the peace treaty means further increase the reliability of what we call the Middle Corridor, mutually beneficial regional cooperation, and foremost restoring peace and stability in the South Caucasus,” he said.

Jabbarov also noted that Azerbaijan has always been vocal about signing a peace treaty as soon as possible.

The minister added that food security is vulnerable to rising prices and short supply.

"However, Azerbaijan’s strong fiscal position, very low external debt to the GDP level, and energy flows reduce the risk. Many countries do not have that luxury. Talking about the regional impact of it, this is something that we have to do together, through joint cooperation. We strongly believe that the need to combine the challenge of the day with the focus on where we are moving together. This is something that requires the participation of regional institutions," he said.

Moreover, touching upon the energy sector, Jabbarov stated that a speedy transition should be made towards green energy, but more discussions are needed on the matter.

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