Azerbaijan, Kazakhstan focus on economic diversification, cooperation

Chairperson of the Council of Women Entrepreneurs of Turkic States Lazzat Ramazanova has said that among the post-Soviet countries, the economies of Azerbaijan and Kazakhstan exhibit the most similar development models. 

"The oil industry is playing a central role in these countries. At the same time, economic diversification has become the key focus of cooperation between Azerbaijan and Kazakhstan,” she told Azertag, Caliber.Az reports. 

"The similarity in development models creates favourable conditions for exchanging experience, exploring new directions, and pursuing joint growth. We are analysing approaches and seeking ways for effective collaboration," the chairperson emphasised.

She stressed that the shared Turkic roots and similar economic challenges form a strong foundation for enhancing partnership relations. Ramazanova highlighted agriculture, light industry, and the creative economy as the priority areas for cooperation between Azerbaijan and Kazakhstan. 

She noted that although Kazakhstan is dependent on hydrocarbon extraction, the country has set a goal of achieving full carbon neutrality by 2060. Azerbaijan is also demonstrating strong intentions in this regard, as evidenced by the hosting of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) this year.

The chairperson noted that the Organisation of Turkic States focuses on enhancing bilateral contacts among member countries, and holding meetings enables more effective economic cooperation. 

She also reminded of the signing of an agreement at the Business Forum of Women Entrepreneurs of Turkic States to create the international digital platform, Turkic Business Hub. The platform’s goal is to foster a favourable environment for collaboration among entrepreneurs from Turkic countries, increase trade turnover, and open new opportunities for women’s businesses. 

"Kazakhstan has committed to developing the platform and ensuring access for all partners from Turkic states," Ramazanova added.

COP29, taking place at Baku Stadium from November 11 to 22, marks a significant milestone for Azerbaijan as the country hosts a Conference of the Parties (COP) for the first time.

COP29 has reached a significant agreement on climate finance, with a commitment to allocate $250 billion annually until 2035.

This decision was confirmed in a statement released by the COP29 chairmanship on November 22.

The statement outlined that the COP29 Chairmanship had worked throughout the year to establish a fair and ambitious climate finance target, focusing on the needs and priorities of developing nations. An extensive and inclusive consultation process, which continued into the early hours of the morning, allowed all parties to contribute to the package of texts released the previous day. The chairmanship expressed gratitude for the constructive participation of all groups involved.

By Naila Huseynova