Mikayil Jabbarov: Interest of regional countries to Azerbaijan's economy grows

The interest of investors from Russia, Turkey, Central Asian countries in Azerbaijan's economy has grown dramatically, Azerbaijan's Economy Minister Mikayil Jabbarov told local media outlets.

Report quotes him as saying Azerbaijan's economy is integrated both in the regional and global economy.

"We set the goal of the continuous improvement of the investment climate. A new geoeconomic reality formed in the region after our territories were liberated from occupation. Western, developed countries mostly invested in Azerbaijan. However, the course of the pandemic demonstrates the tendencies of replacement of globalization with regionalization," he said.

According to Jabbarov, this is a clear signal of the growth of Azerbaijan's significance in this region.

"It happens for several reasons. First of all, these are existing macroeconomic stability and a stable course of national currency. The growing interest in the country's investment climate results from many years of the state's investment in infrastructure."

"We do not say that we have eradicated all problems in the investment sector. When we are getting acquainted with the list of problems fixed in the international reports, recommendations, analyses of our state bodies, we see quite a significant qualitative difference from the current list of problems. When viewing the reports of the European Bank for Reconstruction and Development, the Davos Economic Forum, we see that Azerbaijan not only preserves the leading positions but also moves forward. This process must be continuous because competition is always out there," the minister said.

Over the past decade, the volume of direct foreign investment in Azerbaijan's economy has made $57 billion.