Minister: Azerbaijan's direct investments in CAREC countries hit $4.2 billion

Azerbaijani Economy Minister Mikayil Jabbarov highlighted the strong economic ties between Azerbaijan and the member countries of the Central Asia Regional Economic Cooperation (CAREC) Programme.

Speaking at the "Ministerial Meeting on CAREC Climate, Innovation and Trade Partnership" at COP29 he noted that direct investments from CAREC countries to Azerbaijan reached $1.4 billion over the past 30 years, while Azerbaijan's direct investments in CAREC nations amounted to $4.2 billion, Caliber.Az reports citing local media.

Minister Jabbarov emphasized Azerbaijan's continued efforts to strengthen trade and investment relations with CAREC countries. "In the first 9 months of this year, trade turnover between Azerbaijan and CAREC member countries amounted to about $4 billion, and the share of CAREC countries in Azerbaijan’s total foreign trade during this period was 11.5%. We also see the same positive dynamics in mutual investments," he stated.

Additionally, Minister Jabbarov noted that a Climate Change Action Plan will be presented at the upcoming CAREC Ministerial Conference. The CAREC Program, established by the Asian Development Bank (ADB) in 1997, aims to promote economic cooperation among Central Asia, the South Caucasus, and South Asia.

The program now includes 11 countries — Afghanistan, Azerbaijan, China, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan — and is supported by multilateral financial institutions such as the ADB, the World Bank, and the IMF.

Its primary objectives are to foster regional cooperation that accelerates economic growth, reduces poverty, and promotes sustainable development, focusing particularly on the transport, trade, and energy sectors.

By Tamilla Hasanova