International Business Forum kicks off in Baku

By Azernews

By Ayya Lmahamad

The 25th International Business Forum (IBF) organized by Azerbaijan's Small and Medium Business Development Agency and Turkey's Association of Independent Industrialists and Entrepreneurs (MUSAID) kicked off in Baku on November 15.

The main purpose of the forum, which was founded in 1995 and is held annually in different countries, is to develop bilateral trade and economic relations between the countries, create models of sustainable cooperation, strengthen investment cooperation and business relations.

On November 13, the Agency held a press conference devoted to the 25th International Business Forum. 

IBF President, Founder of MUSIAD Erol Yarar and Agency's Chairman Orkhan Mammadov informed about the upcoming forum and answered the journalists’ questions.

Mammadov underlined that the forum will be important for investors to know more about the economic and investment potential of Azerbaijan, including the liberated Karabakh region.

"We are pleased to host the 25th International Business Forum in Baku and to support the event... Among the goals of the forum is the establishment of direct ties between local and foreign investors, new cooperation between representatives of small and medium-sized businesses and the implementation of joint investment projects," he said.

In turn, noting that Azerbaijan has great potential in tourism, agriculture and healthcare, Erol Yarar stated that taking this into account it is possible to increase the volume of trade between the two countries.

He added that the Karabakh region's economic development is one of the priority issues for Azerbaijan, which liberated its lands from Armenia's occupation in the 44-day second Karabakh War in 2020.

"We would like to make a contribution and for this purpose, we decided to hold the 25th International Business Forum in Azerbaijan. We have been working closely with Azerbaijan's Small and Medium Business Development Agency in this sphere for about a year," he said.

"We arrived in Azerbaijan together with 500 Turkish businessmen working in agriculture, food, health care, tourism and other fields," Yarar added.

On July 6, Azerbaijan’s Agency for Small and Medium-sized Business Development and International Business Forum signed a memorandum of understanding to hold the 25th IBF Forum in Baku this year.

The forum will be held under the "Azerbaijan: Pearl of Asia" slogan with the participation of the officials, businessmen, representatives of international organizations, diplomatic corps, chambers of commerce and business associations from almost 30 countries.

The panels on investment opportunities in Azerbaijan, in particular, in agriculture, industry, tourism, the investment potential of the Karabakh region, public-private partnership, as well as bilateral meetings among businessmen will be organized. The businessmen will review the work process at a number of manufacturing enterprises in Baku and districts of the country and will discuss the opportunities for cooperation and investment with local businessmen within the forum.

Some 500 foreign investors and businessmen are expected to participate in the forum, which will last until November 17.

A number of documents on cooperation are planned to be signed at the opening ceremony, to be held on November 15 at the Baku Congress Center.

Trend news agency, Day.Az and the TURKIC.World media project are the official media partners of the IBF.