Azerbaijani minister: "Transformation of economy will serve as a tool for CAREC cooperation"

"Digitalization and the associated transformation of economy will serve as a tool for further enhancement of regional cooperation," Azerbaijani Minister of Economy Mikayil Jabbarov said at the 20th Central Asia Regional Economic Cooperation (CAREC) Ministerial Conference.

According to him, CAREC Digital Strategy 2030 will contribute to the changes initiated by our country's leadership: "As CAREC chair for 2021, I want to express Azerbaijan's commitment to continue the promotion of stronger regional cooperation and integration."

In a joint statement, the ministers commended the CAREC Program for adapting to the challenges of the COVID-19 pandemic and noted the progress in strengthening economic resilience in the region, improving the investment climate, and facilitating trade, among other priority areas.

As a high-level strategy and policy body, CAREC promotes economic growth and sustainable development through cooperation among member countries, supported by development partners. Since 2001, CAREC-related financing amounted to $40 billion for 213 regional projects, including $15 billion from ADB, $16 billion from other development partners, and $9 billion from CAREC governments. The projects have helped to increase road and railway efficiency, streamline border-crossings, and improve access to energy for millions of people. ADB is the secretariat of the CAREC Program.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.