Representatives of the World Economic Forum and the Centre for Analysis and Coordination of the Fourth Industrial Revolution (4SIM) under the Economy Ministry discussed the implementation of projects in the field of the digital economy and artificial intelligence, Azernews reports.

The sides noted the importance of the InMerge Innovation Summit and the seminar on digital foreign direct investment held in Baku to stimulate the introduction of innovations in the economy.

The country has already taken steps towards digital transformation, such as the adoption of the “Azerbaijan 2030: National Priorities on Socio-Economic Development” Strategy in February 2021. This strategy includes five main directions, such as a sustainably growing competitive economy, a dynamic and inclusive society based on social justice, competitive human capital and land for modern innovations, a great return to the liberated territories, and a clean environment and “green growth” country.

The Government of Azerbaijan has also established the Small and Medium Business Development Agency and the Innovation and Digital Development Agency to strengthen the institutional support for SME development. In addition, the Centre for Analysis and Coordination of the Fourth Industrial Revolution was established under the Ministry of Economy to coordinate efforts related to the adoption of the Fourth Industrial Revolution technologies and digital economy in the country.