AZPROMO: Azerbaijan's potential as strategic investment destination should be explored

Azerbaijan's potential as a strategic investment destination should be explored, Yusif Abdullayev, Executive Director of the Azerbaijan Export and Investment Promotion Agency (AZPROMO), said at the COP29 Business, Investment and Philanthropy Climate Platform organized jointly with the AZPROMO within the framework of COP29 in Baku, Report informs.

"I invite each of you to take advantage of the opportunities presented on this platform and build meaningful partnerships. Global cooperation builds bridges between sectors, regions, and stakeholders. I call on you to actively participate in creating innovative alliances that will attract large-scale investments in sustainable development and climate resilience," he noted.

Abdullayev also said that Azerbaijan aims to increase the share of renewable energy sources in energy production to 30%: "To achieve this strategic commitment, we are cooperating with international energy companies in green energy projects for domestic consumption, economy decarbonization, and export in the coming decade.

Key agreements have been signed with reliable global companies such as BP, Masdar, Fortescue Future Industries, ACWA Power, and China Gezhouba Group Overseas Investment', and several projects are already being implemented. This cooperation emphasizes Azerbaijan's proven accountability and these industry leaders' confidence in our country's investment environment. The commitment of such prestigious partners increases not only the attractiveness of our renewable energy initiatives but also our credibility as a destination for sustainable investments."