Aliyev: Leading international companies view Azerbaijan as reliable partner

Many leading international companies from different sectors of the economy consider Azerbaijan a reliable partner, President Ilham Aliyev said, highlighting the country’s investment climate and economic priorities.

Speaking at the event themed “Restoring Trust in a Fragmented World: The South Caucasus as a Pillar of Global Connectivity and Investment Stability,” organised as part of the 2nd Azerbaijan International Investment Forum in Baku, the president said the country already has a very good investment climate, Caliber.Az reports, citing state media.

“Many leading international companies from different sectors of the economy consider Azerbaijan as a reliable partner,” he said. 

He noted that Azerbaijan’s economic priorities include renewable energy, the use of additional electricity capacity and attracting local and foreign investment.

“As for the main priorities, I would name several. One of them is renewable energy. We have enormous potential. So our target is to reduce to minimum degree the consumption of natural gas to generate power, and to use that reserve for export. And renewables will be in the coming five years everywhere in Azerbaijan,” Aliyev said.

The president said Azerbaijan also sees opportunities to make maximum use of additional electricity capacity domestically, particularly for artificial intelligence data centres, as well as to export electricity.

“Having extra capacity of electric power, definitely, we look in two directions. First, how to use to maximum degree domestically with respect to AI data centers, and how to export,” the head of state added.

Aliyev also pointed to changes affecting traditional supply chains, saying these developments could create opportunities for investment.

“Some of the traditional supply chains are at certain risk. So this is a great opportunity for local and foreign investments,” he said.

Additionally, the president reminded of the recent adoption of the state program on mining.

"It's a very short-term program for four years, which will generate a lot of activity. So these are the main directions of our development," he said.

Emphasising that oil and gas should not be forgotten, the head of state noted: "And, of course, we should not forget the elephant in the room: oil and gas, especially having in mind that this year many contracts were signed and are to be signed today. So, oil and gas will continue to dominate our economy and to generate the wealth which will be reinvested."

Aliyev also highlighted Azerbaijan’s role in regional transportation, saying the country had created a physical and administrative environment aimed at encouraging suppliers to use multimodal transportation routes through Azerbaijan.

“So we wanted to create such a physical and administrative environment so that suppliers would choose to use multimodal transportation through Azerbaijan. Because if you go through Azerbaijan, you have to also use ferryboats,” Aliyev said.

The president noted that the demand for transportation through Azerbaijan was growing along both the East-West and North-South routes, stressing the country’s participation in both corridors.

“So today we see a growing demand for transportation through Azerbaijan. Whether it's East-West or North-South, we are sitting on these two important junctures. And by the way, we are one of the very few countries that are active participants in both transportation corridors,” the head of state emphasised.

Moreover, Aliyev described Azerbaijan’s position as connecting the Caucasus with the wider Central Asian region, citing the country’s political, economic and transportation links.

“This is actually an unprecedented event, because geographically we are situated in the Caucasus, but already politically and from an economic and transportation point of view, we are part of the big Central Asian region,” he said.

He added that improvements in administration, transportation digitalization, customs administration and regulatory frameworks would further strengthen Azerbaijan’s position as a transportation hub.

“And also, the administration, digitalization of transportation, customs administration, and very clear and understandable regulatory rules in Azerbaijan—all of that will strengthen our potential. If the geopolitical situation in our region changes and goes back to how it was five years ago, we will still be attractive to suppliers,” the head of state noted.

By Sabina Mammadli