ICD and KOBİA mull FDI boost for Azerbaijan

The Islamic Corporation for the Development of the Private Sector (ICD) and the Small and Medium Business Development Agency (KOBİA) under the Ministry of Economy of Azerbaijan held talks on expanding cooperation aimed at attracting foreign direct investment and supporting small and medium-sized enterprises (SMEs).

Report informs, citing ICD, that the meeting focused on deepening the partnership aimed at enhancing SME competitiveness, expanding access to finance, and developing government support mechanisms.

The goal of this initiative is to stimulate private sector growth through transformational programs, entrepreneurship development, and increased international investment cooperation, the corporation emphasized.

ICD representatives noted that the corporation contributes to building sustainable and dynamically developing Azerbaijani economy by supporting projects with high growth potential and local development impact.

The negotiations took place during a three-day visit of the ICD delegation to Azerbaijan, aimed at strengthening engagement with private sector stakeholders. Meetings were also held with the Central Bank of Azerbaijan (CBA), the Entrepreneurship Development Fund under the Ministry of Economy, and the Azerbaijan Investment Company (AIC).

During discussions with the CBA, the potential of Islamic financial instruments—particularly sukuk—was highlighted as a means to mobilize resources in support of the private sector. ICD also expressed its readiness to provide financial and technical assistance to programs of the Fund and AIC focused on SME development.

The corporation is exploring opportunities for strategic investment in key sectors of Azerbaijan's economy, including mining, construction, cement production, cotton farming, and industrial processing. Special attention is being given to prospects for joint projects in iodine extraction, solar energy, sustainable construction, and agricultural product processing.