Meeting with Minister of Economy of the Republic of Azerbaijan, Mr. Mikayil Jabbarov

Within the framework of the meeting, held in the form of a video conference jointly organized by the Azerbaijan Export and Investment Promotion Fund (AZPROMO) and the American Chamber of Commerce in Azerbaijan (“AmCham” Azerbaijan), the Minister of Economy Mikail Jabbarov gave detailed information about the favorable business and investment environment created as a result of systematic and consistent reforms carried out in Azerbaijan under the leadership of President Ilham Aliyev and shared information on the work done to attract foreign investment. Mikail Jabbarov noted that this event has become a favorable platform for the exchange of views on the prospects for developing business relations, and also noted the efficiency of “AmCham Azerbaijan” activity in developing economic partnership between our countries. Speaking about economic cooperation with the United States, the minister said that Azerbaijan is interested in developing trade and economic relations with the United States, and important steps are being taken to expand this cooperation. It was noted that 257 US companies operate in various sectors of the economy of Azerbaijan, including industry, agriculture, construction, customer services and others. Our countries also successfully cooperate in the field of investment. The volume of US investments in Azerbaijan in the oil and gas sector of the economy amounted to $ 12.8 billion, reaching a total of $ 14 billion. Thus, the United States is the second largest investor in Azerbaijan. Touching upon the new Law of the Azerbaijan Republic “On Investment Activity” which was developed taking into account the experience of foreign countries, current trends in investments and the practice of investment agreements, as well as the views of experts from the International Finance Corporation, the Minister of Economy noted that “AmCham Azerbaijan” also made a significant contribution to this process. Commenting on the negative effects of the coronavirus pandemic (COVID-19) on the economy, Mikayil Jabbarov noted that our people demonstrated unity and solidarity with the state in the fight against the spread of infection. The minister noted that the Azerbaijani government promptly responded to the pandemic and the global crisis and took urgent and systematic measures to maintain economic and macroeconomic stability. It was noted that in addition to steps taken to protect human health, according to the approved Action Plan on reducing the negative impact of the coronavirus (COVID-19) pandemic, measures are being taken to provide financial support to affected entrepreneurs and employees, protect jobs and strengthen social protection of the population. One of the main goals for the post-pandemic period is the introduction of a new model of economic growth. The development of the construction, mining, petrochemical industry, digital economy, transportation, trade and logistics, telecommunications, agriculture and processing industry, as well as tourism are one of the priority areas in Azerbaijan. The Minister of Economics invited US companies to consider investment opportunities in these areas. Along with these measures, Azerbaijan plans to expand the mechanisms of public-private partnership on a number of projects, including infrastructure, which can create favorable conditions for expanding relations with investors. Mikayil Jabbarov also mentioned that the digitalization of the economy in Azerbaijan has been set as a long-term goal. In this regard, the Minister pointed out that the creation of a branch of the Davos World Economic Forum's Fourth Industrial Revolution Center in Azerbaijan is of particular importance and emphasized the willingness of Azerbaijan to cooperate with the United States in creating a digital economy. Stating that his country attaches great importance to the development of relations with Azerbaijan, the US ambassador to Azerbaijan, Lee Litzenberger, noted the successful economic policy of Azerbaijan, the significance of reforms to further improve the business and investment climate, and the country's attractive tourism resources. He also shared his thoughts on the issues of combating the pandemic and expanding cooperation in various areas of the economy. Issues of business interests were discussed during the meeting and the participants answered the relevant questions.

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Date
21 May 2020
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