By Azernews

By Ayya Lmahamad

The Azerbaijani Institute of Scientific and Economic Research under the Economy Ministry and Central Asia Regional Economic Cooperation (CAREC) have signed a memorandum of understanding, Azernews reports per Trend.

The document was signed by Institute’s Acting Director Mahir Humbatov and CAREC’s Director Syed Shakeel Shah, and is aimed at international cooperation in the area of logistics, transportation, and creating a program for the sustainable development of the economy.

Azerbaijan’s success in Middle Corridor’s development

Speaking at the 6th CAREC Think Tank Development Forum on “Recalibrating Growth Dynamics for Inclusive and Sustainable Economies” Syed Shakeel Shah stated that Azerbaijan has achieved great success in the development of the Middle Corridor (Trans-Caspian International Transport Route).

He noted that CAREC is committed to developing economies in the region.

“Azerbaijan is a very important partner in our development agenda. Azerbaijan is a bridge connecting Europe with Asia with its strategic geographic location,” he said.

Noting that against the background of violations of transport and logistics routes, the Middle Corridor plays an important role, he emphasized that Azerbaijan has significantly succeeded in developing and investing in this transport route.

“The policy pursued by Azerbaijan is beneficial not only for the country itself but for the entire region,” he said.

Research to accelerate digitalization

Mahir Humbatov noted that the institute will hold studies in 24 directions in the next two-three months.

He added that these directions include the development of economic support tools, acceleration of digitalization, transport and logistics projects, and trade facilitation.

"It is expected to sign new documents on cooperation in these directions. It is also expected to attract international experts to our country for joint scientific research," he said.

ADB's support for CAREC

Asian Development Bank's President Shixin Chen stated that the bank is continuing to support CAREC's program in building research capacity.

"ADB has made promoting the building of the potential in knowledge area its priority," he said.

He noted that amid the challenges in the region, the bank allocated $18 billion as part of the lending program on the basis of the sector's development policy for implementation until 2024.

"ADB aims to expand the expertise to assist its partners, as well as support CAREC in this vein. CAREC Institute and think tank network should look for more opportunities to support member countries in building their research capacity," he said.

Noting that ADB pays attention to resolving issues caused by the COVID-19 pandemic, Shixin Chen mentioned that the bank allocated $29 billion for healthcare and humanitarian assistance to the affected nations.

"Solving problems such as lack of water resources, health issues, and natural disasters is a priority for the bank. ADB has allocated $100 billion to solve these problems for implementation until 2030," he said.