BAKU, Azerbaijan, June 18. Azerbaijan has
opportunities for expanding regional cooperation in trade,
investment, and sustainable development, UN Special Envoy on
Financing Sustainable Development, Mahmoud Mohieldin, told Trend on the sidelines of
the 14th Private Sector Forum of the Islamic Development Bank
Group.
Answering the question about the level of cooperation between
the UN system and Azerbaijan in the field of financing sustainable
development, he noted that the development of several directions is
necessary for effective cooperation.
"For cooperation, it's necessary to work in four directions:
improving trade, investments, financial flows, as well as providing
technical and technological assistance and developing potential.
Currently, there are significant constraints on financing flows
from developed economies to low-income countries and countries in
the Global South. We aren't in a very good position in these
matters, as there are serious constraints on financing flows from
developed economies to low-income countries and countries in the
Global South," he said.
At the same time, Mohieldin emphasized that this situation opens
up new opportunities for middle-income countries, including
Azerbaijan.
"This creates opportunities for countries like Azerbaijan to do
more at the regional level and even beyond the region through
mutually beneficial cooperation. Strengthening public-private
partnerships is essential to achieving the Sustainable Development
Goals. The 17th Sustainable Development Goal is dedicated
specifically to strengthening partnerships and investments in human
capital, infrastructure, and development. This requires
collaboration not only between governments but also with the
private sector," said Mohieldin.
Commenting on the possibility of creating a regional sustainable
finance platform with Azerbaijan's participation, he noted that the
necessary preconditions already exist.
According to him, Azerbaijan is actively promoting initiatives
in investment, trade, and regional cooperation.
"Even before COP29, Azerbaijan had put forward many ideas
related to investment, trade, and interaction with neighboring
countries. These were good initiatives to start with, and they
didn't stop after the COP, but rather continued. We see the Baku
Investment Forum and expanded cooperation not only on the climate
agenda, but also on development, business, and other areas," he
noted.
Speaking about the possibility of creating a unified financing
mechanism for projects along the Middle Corridor, the UN Special
Envoy emphasized that the UN system already has tools capable of
supporting such initiatives.
"Various mechanisms and institutions already exist within the UN
system, such as the SDG Fund, the UN Capital Development Fund,
UNDP, and specialized programs, which can play a catalytic role in
regional initiatives. There is no need to create a new structure
within the UN to support such projects.
If the idea is to create regional mechanisms for developing
trade, investment, financial, and technological cooperation, the UN
system already has numerous partnerships and tools ready to provide
the necessary support," he announced.
