BAKU, Azerbaijan, October 10. The INMerge Innovation Summit, organized by Azerbaijan's PASHA Holding, has concluded in Baku, Trend reports.
The annual summit aims to develop the region's innovation ecosystem, foster collaboration between startups and investors, and provide a platform for the exchange of ideas and experiences among all stakeholders.
One of the event speakers, Azerbaijan's Minister of Economy Mikayil Jabbarov said that the strategy for the development of the country's digital economy aims to create an effective ecosystem for further growth and innovative development in the country.
Jabbarov pointed out that the country’s economy is on the upswing and showing steady progress.
"During the initial eight months, GDP rose by 4.7 percent, while
the oil and gas sector experienced a growth rate of seven percent.
This advancement enables discourse on future developments and
breakthroughs.
The advancement of Azerbaijan's economy and innovative capacity
requires not only the facilitation of economic growth but also the
investment in human capital, he elucidated.
The official explicitly referenced programs designed to enhance the
school system to cultivate a workforce adept at adjusting to new
economic conditions.
Azerbaijan has been executing a digital skills education system
since 2017, encompassing startups, pilot projects, and initiatives
that reach hundreds of thousands of students. The educational
changes, such as the 'Sabah Hub' program, seek to cultivate the
potential of exceptional students and establish a community of
inventive specialists," he added.
Jabbarov also emphasized the importance of leveraging global skills and attracting foreign investment.
"Investments in the digitalization of the fiscal system and other innovative solutions have already yielded tangible results, including a doubling of fiscal revenues over six years," the minister emphasized.
Moreover, he highlighted the crucial part the energy sector plays, as it shifts gears from leaning on fossil fuels to embracing renewable energy sources.
"Azerbaijan is actively investing in green energy development projects, currently implementing projects with a total capacity of over seven gigawatts. The interaction and support of all stakeholders play a key role in achieving these goals.
The state strategy for the development of the digital economy in Azerbaijan encompasses numerous initiatives aimed at creating an effective ecosystem for further growth and innovative development," Jabbarov noted.
Rauf Najafli, advisor to the minister, said that Azerbaijan's digital development strategy will include 51 core initiatives.
According to him, the strategy for the development of the digital economy must align with the methods and ideas of the Fourth Industrial Revolution.
"Primarily, this involves the transformation of industries and businesses, with one of the key steps being the establishment of a next-generation technology center. This center will play an important role in supporting digital transformation by providing practical training and fostering innovation across various sectors.
Türkiye's experience has served as a significant benchmark for Azerbaijan. The new center will help increase labor productivity in various sectors of the economy by 31 percent," he also said.
"Key measures have already been taken, but work continues. The priority tasks include simplifying the process of establishing startups and technology companies, providing tax incentives, and protecting intellectual property to attract investments, both domestic and foreign," he added.
The official called the development of human capital to ensure successful operation within the digital economy the third focus of the strategy.
"A key aspect is the training of specialists capable of effectively using both hardware and software. The hardware component is less complex compared to the human resource challenges. Within these initiatives, we collaborate with the Ministry of Digital Development and the Center for the Fourth Industrial Revolution, as well as develop projects in the field of artificial intelligence," Najafli emphasized.
PASHA Holding CEO Jalal Gasimov highlighted that innovation represents growth for the holding.
According to him, the objective of PASHA Holding has consistently been to establish significant partnerships and foster ecosystem development.
“As one of the leading economic players in the region, we feel a responsibility to develop the environment. Innovation for us is not just a concept but a symbol of progress. We are confident that through this summit we are making a significant contribution to the development of the region's innovation ecosystem,” Gasimov noted.
He added that PASHA Holding stands as a significant regional powerhouse, with its diverse portfolio of companies strategically positioned across multiple sectors, including financial services, agribusiness, retail, real estate, and beyond.
“We possess significant diversification. Nevertheless, a commonality among all these industries is the constantly evolving demands of consumers and their escalating rivalry. Innovative technologies arise to expedite product market entry, develop novel products and services, or establish new engagement channels.
We acknowledge the necessity for ongoing enhancement of our products and services and endeavor to ensure their accessibility for our consumers. At the corporate level, this entails implementing efficient management systems that will guarantee continuous focus on innovation inside our organizations,” Gasimov emphasized.
First Deputy Minister of Digital Technologies of Uzbekistan Olimjon Umarov said that the country calls for increased joint investment in key sectors in Central Asia.
"Uzbekistan focuses on regional cooperation, and regional collaboration among our countries is crucial for realizing the full potential of the new economy. Today, our IT companies, startups, investment, and venture funds have already begun cooperating in the region.
However, there remains significant potential for further development. To enhance regional interaction, we need to support our companies and business plans aimed at fostering collaboration and partnership. I have several proposals in this regard.
First, it's important to develop joint investment projects. We must increase joint investments in key sectors such as digital technologies, artificial intelligence, and the development and expansion of startups and IT solutions at the regional level," he explained.
Secondly, according to him, it's necessary to support e-commerce by continuing to reduce digital barriers in the trade sector, harmonizing regulations, and improving processes to facilitate the flow of goods and services in our region.
"The third proposal involves knowledge exchange and capacity
building. We need to develop a regional program that promotes
knowledge and experience sharing through joint training programs,
scientific research, and technology transfer between startups,
young researchers, and developers," Umarov added.
Azerbaijan's PashaPay LLC and Azerigas Production Union have inked
memoranda of understanding within the framework of the event.
According to the memorandum terms, the parties intend to work together on the digitalization of several services provided to citizens and legal entities.
This project will create a personal account for Azerigas customers within the m10 mobile application and implement online services, including accepting applications and inquiries, issuing certificates, and other services.
Additionally, the project envisages enhancing the payment experience for users and developing various tools to encourage payments.
A public-private partnership will manage the prompt resolution of questions and complaints that arise during the payment of gas supply services.
This partnership will also increase Azerigas customers' access to services provided by PashaPay's mobile application m10, allowing them to take advantage of the ecosystem's wide range of opportunities and functionalities.
Azerigas is implementing this collaboration as part of a large-scale digitalization program, which aims to improve the quality of service for subscribers through modern, innovative solutions.
The summit brings together innovators, investors, and influential industry leaders from sectors such as fintech, telecom, e-commerce, and more.
INMerge also serves as a strategic networking hub that enables participants to form key partnerships, enhance collaboration, and establish international connections with leaders and innovators in the region.
This year, the event is featuring speeches of Azerbaijan's
Minister of Economy Mikayil Jabbarov, Minister of Digital
Development and Transport Rashad Nabiyev, PASHA Holding CEO Jalal
Gasimov, and CEO of Trendyol Group Erdem Inan.
The confirmed speakers also include YouTube Co-Founder Steve Chen,
Vice President, CTO of Amazon Werner Vogels, and Vladimir Pravdivy,
former CEO of Avito.
Linda Hill, founder of Paradox Strategies and InnovationForce, a professor at Harvard Business School, and Ilya Strebulaev, a professor at Stanford University, will join them.
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