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Azerbaijan’s economy performing strong - Minister Jabbarov tells Economic Forum in Davos

Economy Materials 23 May 2022 17:50 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, May 23. Today, Azerbaijan’s economy is performing strong, both from the fiscal side, and the economic output, Minister of Economy of Azerbaijan Mikayil Jabbarov said at the World Economic Forum held in Davos, Switzerland, Trend reports.

“Today we see an increased importance of regional cooperation, as well as changed connectivity and landscape. The Middle Corridor [Trans-Caspian International Transport Route] became an important route not only for the region, but also for cargo flow from China to Europe,” he said.

According to the minister, the investments that have been made over the previous decades in transport and infrastructure in cooperation with neighboring countries are yielding results today.

Regarding the energy sector, Jabbarov said a speedy transition should be made towards green energy, but more discussions are needed on the matter.

He also added that the food security is vulnerable to rising prices and short supply, however, Azerbaijan’s strong fiscal position, very low external debt to the GDP level, and energy flows reduce the risk.

“Many countries do not have that luxury. Talking about region impact of it, this is something that we have to do together, through joint cooperation. We strongly believe that the need to combine the challenge of the day with the focus where we are moving together. This is something that requires the participation of regional institutions,” Jabbarov added.

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