DM Samad Bashirli highlights Azerbaijan's approach to economic challenges at forum

"The 3rd Economic Cooperation Organization Think Tanks Forum" is being held in Baku on the theme "New Generation Economy: Challenges and Prospects," Azernews reports.

Speaking at the forum, Deputy Minister of Economy Samad Bashirli stated that Azerbaijan is taking an adequate approach to global economic challenges and new development requirements.

He noted that the consequences of negative climate trends observed worldwide, along with the opportunities created by rapidly changing technological innovations, define new challenges and prospects for national economies.

"New requirements for transitioning to more stable and flexible economic models are emerging. Implementing reforms in accordance with these requirements, investing in innovations and green technologies, and developing digital skills are becoming necessities. The non-oil sector in our country is diversifying; new industries and production areas are being created, human capital is being developed, and the application of the digital economy is expanding," he emphasized.

"Taking into account the requirements of the new generation economy, President Ilham Aliyev has defined five National Priorities for the socio-economic development of the country until 2030: a sustainably growing competitive economy; a dynamic, inclusive society based on social justice; a hub for competitive human capital and modern innovations; a clean environment free from occupation; and 'green growth.' These National Priorities are crucial for transforming Azerbaijan into an innovative hub and achieving sustainable economic growth," the Deputy Minister added.

"According to the National Priorities, a socio-economic development strategy for the years 2022-2026 is currently being implemented. Based on this document, work is underway to adopt a digital economy strategy for the country. The strategy aims to transform all areas of the economy through business, societal, and governmental aspects. The goal is to strengthen Azerbaijan's position in the field of the digital economy both regionally and internationally," he stressed.

"Work is also continuing on the 'Digital Silk Road' project, which will create a digital telecommunications corridor between Europe and Asia through Azerbaijan. This involves constructing a fiber-optic communication line from west to east along the bottom of the Caspian Sea, an important project that allows us to equally benefit from the results of digitalization at a global level. Azerbaijan, due to its strategic position between East and West, as well as North and South, has extensive experience in implementing transit projects," said S. Bashirli.