Black Sea Bank president hails Azerbaijan's economic transformation

Azerbaijan is undergoing a crucial stage in its economic development, President of the Black Sea Trade and Development Bank (BSTDB) Serhat Koksal said during a business forum held as part of the bank's 28th Annual Meeting of the Board of Governors in Baku, Caliber.Az reports per local media.

"Over the past decades, the country has transformed into a dynamically developing economy with strong institutions, modern infrastructure, and an increasingly diversified production base," Koksal said.

He noted that Azerbaijan has established itself not only as a major energy producer but also as "a strategic hub connecting East and West, North and South."

"This is a country which understands that interconnectedness is not only about transport corridors and logistics chains, but about creating opportunities, integrating markets, and building prosperity," he emphasized.

Koksal said the theme of the business forum reflects that vision, stressing that greater market integration and economic diversification are essential for long-term growth.

"Market integration, economic diversification, and building resilience through partnerships are not abstract goals. They are the foundation of sustainable growth in an increasingly complex and interdependent world," he said.

According to the BSTDB president, Azerbaijan has shown "impressive determination" in pursuing these objectives.

"The country's efforts to diversify beyond hydrocarbons, develop the non-oil sector, support entrepreneurship, and strengthen regional ties have created new opportunities for investment and cooperation," Koksal added.

The BSTDB also plans to increase its investment in Azerbaijan, launch more joint projects, and expand support for businesses seeking growth, innovation and access to global markets, the bank president underlined.

"Our cooperation with this country has been ongoing for over twenty years, founded on mutual trust, shared goals, and a shared conviction in the transformative potential of private sector development," Koksal said.

He noted that during this period, the bank has supported projects across a range of sectors, including financial institutions, manufacturing, trade and energy, contributing to job creation, enhanced competitiveness and sustainable economic growth.

"We are particularly proud that our work in Azerbaijan has always aligned with the government's evolving priorities—supporting small and medium-sized enterprises, promoting trade ties, strengthening financial intermediation, and stimulating investments aimed at enhancing connectivity and competitiveness," he said.

Koksal added that the bank's ambitions in Azerbaijan continue to grow as the country enters a new stage of economic development.

"Azerbaijan is entering a new phase of its development, characterized by a focus on innovation, economic diversification, green transformation, and deepening regional integration. The BSTDB is ready to expand its presence," he said.

"We strive to increase our activity: increase investment, implement more joint initiatives, and provide greater support to enterprises focused on growth, innovative development, and access to global markets."

Koksal stressed that the BSTDB's role extends beyond financing.

"As a regional multilateral development bank, we believe our mission is not limited to providing financing. We act as a partner that provides not only capital but also long-term commitments, regional expertise, and a platform for multilateral cooperation," he noted.

By Vafa Guliyeva