Over the past 30 years, direct investments from member countries of the Asian Development Bank's (ADB) Central Asia Regional Economic Cooperation (CAREC) Program to Azerbaijan amounted to $1.4 billion, while Azerbaijan's direct investments in CAREC countries totaled $4.2 billion, Minister of Economy Mikayil Jabbarov said at the Ministerial Meeting on Central Asia Regional Economic Cooperation (CAREC) Partnership for Climate, Innovation and Trade within the COP29, Report informs.
He noted that Azerbaijan continues efforts to strengthen trade and investment relations with CAREC countries: "In the first nine months of this year, trade turnover between Azerbaijan and CAREC member countries amounted to about $4 billion, and CAREC countries' share in Azerbaijan's total foreign trade during this period was 11.5%. We observe the same positive dynamics in mutual investments."
The climate change action plan will be presented at the CAREC Ministerial Conference.
The main goal of the CAREC Program, established by ADB in 1997, is to promote economic cooperation between countries of Central Asia, South Caucasus, and South Asia.