Baku hosts SPECA 2023 Economic Forum PHOTO

The opening of the Economic Forum “Transforming the SPECA [Special Programme for the Economies of Central Asia] region into a centre of global connectivity” has taken place in Baku. 

Speaking at the opening ceremony, Azerbaijan’s Minister of Economy Mikayil Jabbarov noted that the week of SPECA (UN Special Program for the Economies of Central Asia) in Baku was timed to coincide with its 25th anniversary and added that the program of the Economic Forum will help simplify information exchange between the participating countries and support joint efforts, Caliber.Az reports, citing the Ministry of Economy.

It was noted that SPECA is based on the goals of achieving common economic goals, reducing inequality and increasing prosperity in the region. Its strategic location at the crossroads of Europe and Asia allows Azerbaijan to play the role of a bridge between East and West. In this context, the country stands out for its long-standing traditions of trade and cultural exchange. Deepening trade relations within the framework of SPECA necessitates infrastructure development. Expanding initiatives in this area is important for mutually beneficial cooperation.

In 2020, Azerbaijan's trade turnover with the SPECA countries increased 3.6 times, reaching $1.3 billion. Over the 10 months of this year, this figure amounted to $1.2 billion, which is almost 16 per cent more than the same period last year.

In addition, within the framework of the Program, Azerbaijan achieved positive indicators in terms of export volumes. Over the 10 months of this year, exports from Azerbaijan to other SPECA countries increased by approximately 82 per cent compared to the same period last year. There are ample opportunities to achieve even greater results in this area. Measures such as simplification of customs procedures, reduction of barriers to trade and optimization of transport transportation can make a significant contribution to this issue.

The Minister of Economy shared his vision of mutually beneficial trade and economic partnership within the framework of SPECA with Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan and noted the potential for achieving even better results. The significant contribution of Azerbaijan’s growing transport and transit potential to strengthening ties with the countries of Central Asia was also noted. In this context, attention is drawn to the importance of new realities that are being formed thanks to the National Priorities of Azerbaijan, a favourable business and investment environment and territories liberated from occupation.

Deputy Head of the UN Economic Commission for Europe Dmitry Maryasin emphasized that the role of the SPECA countries in global trade has grown significantly over the past 25 years, and their economies have developed significantly.

It was noted that for sustainable economic development of the participating countries, it is necessary to focus on a number of issues. This concerns digital transformation, eliminating supply chain bottlenecks, accelerating the transition to a green economy and other issues. Currently, work is underway to create the SPECA Fund, the funds of which will be used to achieve the Sustainable Development Goals.

Deputy Executive Secretary of the UN Economic and Social Commission for Asia and the Pacific Hirohito Toda noted the importance of strengthening ties in a number of areas, including in the fields of energy, transport, environment, information and communication technologies, trade and the importance of implementing joint projects in the future. In his opinion, SPECA countries should focus on economic diversification, digital development, eliminating problems associated with climate change, food security and other issues.

Representatives of Kazakhstan, Kyrgyzstan, Uzbekistan, Turkmenistan and Tajikistan shared their views on cooperation, economic and investment potential and the development of multi-vector relations within the framework of SPECA.

The forum continued its work within the sessions.