Azerbaijan hosts 18th session of SPECA Governing Council PHOTO

The 18th session of the UN Special Programme for the Economies of Central Asia (SPECA) Governing Council has been held in Azerbaijan’s capital Baku as part of the SPECA Week.

The decisions of the Governing Council, the final document of the Economic Forum and the changes to the Charter were adopted. A plan for the working groups of the programme for 2024-2025 was approved at the session.

Tajikistan was elected the next chairing country of SPECA, Caliber.Az reports citing the Azerbaijani Economy Ministry.

While speaking at the opening ceremony, Azerbaijani Economy Minister Mikayil Jabbarov noted that Azerbaijan, which regained its independence 32 years ago, has become an active member of the international community, including the UN, during that period.

The minister touched upon the importance of SPECA, which Azerbaijan is chairing this year, and emphasised that the programme envisages an integrated approach to the development of the region. The basis for the development of transport infrastructure and trade relations was created for the landlocked countries covered by the programme. The Programme envisages an integrated approach to the development of the region.

The task of expanding trade and economic relations among the SPECA countries necessitated the development of transport infrastructure. In this regard, the importance of the Middle Corridor and the role of Azerbaijan as the main catalyst ensuring its effectiveness and sustainability were emphasised.

Common values, rich resources and potential of the SPECA countries in transport, logistics and alternative energy create a favourable atmosphere for mutually beneficial trade and economic cooperation. In this context, the development of the digital economy also becomes important.

Trade turnover between Azerbaijan and the SPECA countries is developing intensively. The investment cooperation is being expanded. Azerbaijan has already created joint investment agencies with Uzbekistan and Kyrgyzstan. The creation of joint investment funds with other countries participating in the programme can contribute to the diversification and development of bilateral cooperation.

The minister informed about Azerbaijan’s socio-economic achievements. Over the past 20 years, the country's gross domestic product has increased by four times, budget revenues - by more than 30 times, and foreign trade turnover - by more than 10 times. Currently, the country's external debt is about 10 per cent of GDP.

Azerbaijan's foreign exchange reserves are 10 times more than its external debt. There is a favourable atmosphere for making investments not only in the energy sector but also in other sectors of the country.
Over the past 20 years, total investment volume has exceeded $300 billion, of which $190 billion was invested in the non-energy sector. The session participants were informed about the country’s socio-economic priorities at the new stage, plans for sustainable and innovative economic construction and ongoing steps. Large-scale restoration work is being carried out in the Azerbaijani territories liberated from occupation. To date, $7 billion has been spent from the state budget for these purposes, while $2.4 billion is planned to be allocated in 2024.

The Summit of Heads of State of the SPECA member states, dedicated to the 25th anniversary of the Programme, will be held in Baku. The issues discussed at the 18th session of the Governing Council are of particular importance.

The economy minister emphasised that the discussions held during the session and the decisions which were made will determine the course of SPECA for the further period.

Kyrgyz Minister of Economy and Commerce Daniyar Amangeldiev, Tajik Minister of Economic Development and Trade Zavqi Zavqizoda, Uzbek Minister of Investment, Industry and Trade Laziz Kudratov, Turkmen Deputy Minister of Finance and Economy Begmyrat Allakbayev, Kazakh Deputy Minister of National Economy Abzal Abdikarimov, Executive Secretary of the UN Economic Commission for Europe Tatiana Molchan and deputy executive secretary Dmitry Maryasin, Deputy Executive Secretary of the UN Economic and Social Commission for Asia and the Pacific Hirohito Toda, as well as Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto, who participated as an observer, emphasised the development of multi-vector cooperation and the growth of trade turnover among the participating countries of the Programme, as well as acceleration of the integration process of the regional countries.

The importance of expanding joint initiatives in transport and transit, digital transformation, green energy, addressing the effects of climate change, gender issues, sustainable development and other spheres was noted.

The session participants discussed the results of the SPECA 2023 Economic Forum, the holding of the SPECA Summit, the UN General Assembly resolution on SPECA, the SPECA Charter and other issues on the agenda.
The decisions of the SPECA Governing Council, the final document of the Economic Forum, the changes to the Charter, and the plan of the Working Groups for 2024-2025 were adopted at the meeting.