Azerbaijan positions itself as reliable partner even in COVID-19 pandemic, economist says

Even in COVID-19 pandemic, Azerbaijan is positioning itself as a fairly stable, reliable partner with very high potential for more rapid and sustainable economic growth in the next few years, Elshad Mammadov, economist, professor of Azerbaijan State University of Economics (UNEC), told News.Az.

He made the remarks commenting on a videoconference held Monday between Azerbaijani President Ilham Aliyev and President of the Asian Development Bank (ADB) Masatsugu Asakawa.

“Given the high economic volatility on a global scale, the fact that in recent weeks quite large positioned international structures, including those focusing on the high-tech and financial sectors, they have been quite actively showing initiative for cooperation with Azerbaijan. The videoconference between President Ilham Aliyev and Asian Development Bank (ADB) Masatsugu Asakawa took place on the initiative of the bank’s management. This indicates that Azerbaijan, in such a highly turbulent situation, has very seriously positioned itself on the world market. On the one hand, Azerbaijan has proved itself as a reliable and sustainable partner, and on the other, as a country with very significant economic potential for rapid growth,” Mammadov said.

He stressed that the policy of macroeconomic management, which is implemented by the Azerbaijani government, as a whole is showing its economic efficiency.

The economist said that today the largest international structures are interested in cooperation with Azerbaijan.

“Today we are experiencing a period when investment flows, capital flows are a very high-risk process, but at the same time, under these conditions, we see that interest is being shown to Azerbaijan in terms of direct foreign investments. Our state is successfully strengthening the country's position at the negotiating table on the current economic agenda,” he added.

Speaking about how Azerbaijan can benefit from cooperation with large international financial institutions, the economist said that the country has enough potential to solve the most important issues related to economic management, relying on its own resources.

“At the same time, we need technology imports and it is advisable to import investments in the form of direct investments into high-tech sectors of the economy. At a time when the process of de-globalization takes place after the coronavirus pandemic, the world economy will be divided into different economic zones, and regional cooperation will become a priority,” the economist said. “In this sense, Azerbaijan’s economic potential allows us to hope that our region will most likely become an intensive center of economic growth. Azerbaijan is able to become one of the centers of economic development.”

Mammadov also said those international structures, including the Asian Development Bank, intending to cooperate with Azerbaijan understand that the economy has sufficient potential for growth.

“Our country has very substantial gold and currency reserves and assets. They are the guarantor for importing advanced technologies into the country and attracting foreign direct investment. But for this, of course, adequate domestic economic management is needed. Under the leadership of President Ilham Aliyev, serious reforms of an institutional nature are being carried out in Azerbaijan. This is extremely important for the further attraction of foreign direct investment in high-tech sectors of the economy, the economist concluded.


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