Official: Historic page opens for Azerbaijan to become energy supplier to Europe

A historic page has been opened for Azerbaijan to become a strategic, alternative and reliable supplier of energy to Europe, Deputy Economy Minister Sahib Mammadov said.

He made the remarks at the presentation of the World Bank's Global Economic Prospects report on June 16, Report informs.

Based on the analysis presented in the international reports and on the geopolitical and economic challenges emerging in the region, the deputy minister stated that although the main risk factors are a sharp increase in global commodity prices, rising transport and logistics costs, rising inflation rates and a deteriorating economic situation in some of Azerbaijan's trading partners, the current environment has at the same time opened up great opportunities.

“Thus, the opening of the historical page of Azerbaijan's transformation into a strategic, alternative and reliable supplier of energy resources to Europe accelerated the processes of turning the country into an important transport and transit-logistics hub of international significance. In this regard, there has been a significant increase in the interest of strategic investors in Azerbaijan [including the territories liberated from occupation] and, consequently, the possibility of more rapid diversification of the national economy," he said.

Additionally, he noted that Azerbaijan's fruitful cooperation with such a reputable international organisation as the World Bank and many projects implemented with the support of the bank in recent decades has played an important role in the economic development of the country.

According to him, Azerbaijan always attaches special importance to cooperation and consultation with international organisations, in particular, with the World Bank, in search of solutions to various economic issues, formation of conceptual views on various socio-economic problems and comprehensive solutions to the country's actual issues related to sustainable, diversified economic development.

"In this context and against the background of changes that have occurred in the world economy in recent years, I am pleased to take part in the presentation of the World Bank. It is pleasant that this presentation is held for the first time in Azerbaijan, in the city of Baku, and we express our deep gratitude to the World Bank for this initiative,” Mammadov noted.

Azerbaijan joined the WB in 1992. Since then, the bank has financed over 50 projects with total commitments of $4.4 billion. It started economic cooperation in Azerbaijan to help increase the country’s institutional capacity and build efficient oil reserves management. The WB has always supported the large-scale reforms carried out in Azerbaijan.