Ali Asadov, Prime Minister of Azerbaijan, participated in the fourth Tashkent International Investment Forum (TIIF) as part of his official visit to Uzbekistan.
The forum commenced with an opening speech by President of Uzbekistan Shavkat Mirziyoyev who provided an overview of the economic and investment prospects of his country.
Prime Minister Ali Asadov, addressing the event, shared valuable insights into Azerbaijan's economic development indicators and favorable investment opportunities.
He noted that in 2024, the country's economy experienced growth of 4.1 percent, with the non-oil and gas sector expanding at a faster rate of 6.2 percent. Asadov emphasized that Azerbaijan's external debt stands at less than 7 percent of GDP, while the financial reserves exceed its foreign debt by 14 times.
Sharing insights into the measures taken to create a favorable investment climate in Azerbaijan, the Prime Minister highlighted the ongoing efforts undertaken to reduce the tax burden, eliminate administrative burdens, improve the legislative framework, protect the rights and interests of investors, and ensure the inviolability of property.
He provided insight into seven industrial parks operating in Azerbaijan, specializing in various production sectors. According to him, the Alat Free Economic Zone offers unique conditions for investors.
"The created favorable investment environment also opens up broad prospects for foreign investors. As a result, over the past 20 years, more than $338 billion has been invested in our economy, half of which is foreign direct investment," Ali Asadov emphasised.
The Prime Minister of Azerbaijan emphasized that the country is focusing on large-scale restoration and reconstruction projects in the recently liberated territories, recognizing them as opportunities for investment and economic development.
Ali Asadov expressed his gratitude to the Uzbek and Kazakh sides for the construction of the secondary school No. 1 named after Mirzo Ulugbek and the Kurmangazy Children's Creativity Center in the city of Fuzuli.
Touching upon the fruitful cooperation carried out through the Azerbaijan-Uzbekistan Investment Fund, with an authorized capital of $500 million, Ali Asadov acknowledged with pleasure that numerous promising projects covering various areas are currently being considered through the fund.
Describing alternative energy sector as another promising direction for cooperation, the PM noted that Azerbaijan possesses a large-scale agenda in this area, and thus, numerous large-scale projects implemented jointly with leading world companies.
Stating that Azerbaijan is also actively developing as a supplier of green energy to Europe, Ali Asadov emphasized that the country is currently working on a project to create a green energy corridor to Europe along the seabed of the Black Sea, in collaboration with Georgia, Romania and Hungary.
The Azerbaijani PM, additionally, underscored that the signing of an agreement by the heads of state of Azerbaijan, Uzbekistan and Kazakhstan, as part of COP29, opens up broad opportunities for the export of green energy to Europe via the Caspian Sea-Black Sea route.
In conclusion, PM Ali Asadov expressed confidence that the Tashkent International Investment Forum would continue to play the role of a crucial platform for strengthening cooperation in the area of investment.
