Azerbaijani minister outlines key development strategy for 2022-26

By Azernews

By Ayya Lmahamad

The welfare of society, integration of Azerbaijan’s economy into the global value chain, intensification of innovative orientation, and financial stability of the national economy are the main goals of the country’s socio-economic development strategy for 2022-2026, Economy Minister Mikayil Jabbarov said in an interview with RealTV, Azernews reports.

“For the first time in our practice, strategy is a completely collective and collegial document. Industrial working groups, created during the preparation of the document, were led by the heads of the relevant fields and ministries,” he said.

The minister stated that the approval of the strategy creates conditions for the transition to a qualitatively new stage of development. He added that the document covers all aspects of Azerbaijan’s socio-economic spheres.

Karabakh’s economic reintegration

Jabbarov mentioned that the Azerbaijani government, with the participation of local and foreign experts, has prepared an overview of the economic reintegration of the liberated territories. He underlined that this document defines the main goals and tools for the overview.

“The work that is being done today is guided by a common vision. We believe that various spheres, such as agriculture and industrial centers have potential. Two industrial zones have already been created,” he said.

Noting that nine residents are working in the Aghdam industrial park, the minister added that another 15 residents are expected to be issued certificates in the near future.

“The activity of Jabrayil industrial park will be closely connected with Zangilan airport. This will also contribute to the development of Zangilan and Jabrayil districts as a transport and logistics center,” he said.

Moreover, he added that Azerbaijan sees potential in the exploitation of natural resources and natural minerals in the liberated territories. In this regard, Jabbarov stressed that there are already foreign investors in this field and contracts have been signed with them.

ASCO, EBRD negotiations on loan attraction

The minister also mentioned that negotiations are currently underway between the Azerbaijan Caspian Shipping Company (ASCO) and the European Bank for Reconstruction and Development (EBRD) on attracting a loan. He added that the negotiations are in the final stage.

“If the negotiations are successful, EBRD will allocate a loan to ASCO without a government guarantee. Loan funds are planned to be channeled into the expansion of shipping fleet, the development of shipbuilding plant and etc.,” he said.