The Azerbaijani government is preparing for the adoption of relevant legislation, which will ensure the participation of mid-size investors in the field of renewable energy sources, in particular, the construction of hydroelectric power plants in the liberated territories, Economy Minister Mikayil Jabbarov said during the presentation of the annual stand-alone publication “Foreign Business in Azerbaijan: Business Climate Survey 2021” by the German-Azerbaijani Chamber of Commerce, Report informs.
“You know that energy potential of mountain rivers is pretty high. And I think that’s the place to look at,” he said.
Green economy and renewable energy is no longer just words but actual projects that are being implemented, he noted.
“Two of the projects are at the implementation stage, financing for them is being secured, solar, wind power plant’s construction with consortiums led by Saudi and Emirati investors. Another project has been endorsed, concerning green energy in the liberated territories and a number of other projects are being negotiated,” Jabbarov added.
“We have already mentioned that pandemic had impact on the way we conduct business and the way we live, and we live in the age of new economy, the digital economy, in the age of industrial revolution, and the regional center for the Fourth Industrial Revolution is also picking up. It’s a first of its kind center which was specialized on projects in artificial intelligence, machine learning, the Internet of Things, etc.,” he said.
At the recent summit of the World Economic Forum in Davos, Azerbaijani President Ilham Aliyev and President of the Forum Borge Brende signed a Memorandum of Understanding on the establishment of a regional center for the Fourth Industrial Revolution in Baku.