BAKU, Azerbaijan, January 22. Azerbaijan seeks to take a competitive place in the rapidly changing global landscape, where digital transformation is becoming a key driver of economic growth, the report of the World Economic Forum (WEF) "Impact Report: Center for the Fourth Industrial Revolution Network 2023-2024" said, Trend reports.
The report notes that the Digital FDI project began with a series of strategic meetings to define goals and develop specific strategies.
“As part of the initiative, surveys and interviews were conducted with local and international companies already operating in Azerbaijan's digital economy. The data collected was analyzed and presented at a workshop on December 4, 2023. The Digital FDI initiative has already started to have a significant impact by fostering a culture of innovation and entrepreneurship in Azerbaijan. The workshops provided knowledge sharing and strategic support to help local companies adapt to global digital transformation trends. Companies and startups received practical advice on assessing their digital readiness and identifying areas for improvement, which increased their investment attractiveness and scalability,” the report says.
As noted, one of the key elements of the project was the creation of the InvesTech calculator, a tool designed to simplify investment decisions by providing clear information on the status of digital investments.
“This tool plays an important role in the strategy of attracting foreign direct investment by increasing transparency and simplifying the investment process,” the report reads.
Azerbaijani Economy Minister Mikayil Jabbarov, whose words are quoted in the report, noted that the "IDEA: Investing in the Digital Economy of Azerbaijan" initiative praised Azerbaijan's significant progress in creating a favorable environment for startups and innovations.
“The report stresses the importance of attracting foreign investment, activating the private sector, promoting digitalization, and implementing relevant policies to ensure the socio-economic development of the country,” he added.