BAKU, Azerbaijan, February 20. The Azerbaijani
Ministry of Economy held a meeting with the Asian Development Bank
(ADB) delegation to exchange views on expanding cooperation,
Trend reports via
the ministry.
The Deputy Minister of Economy, Azer Bayramov, met with the
delegation led by the Regional Director of the ADB Public Sector
Management and Governance Sector Office, Navendu Karan.
The meeting briefed on the reforms implemented in Azerbaijan to
diversify the economy, improve corporate governance, and develop
the business and investment environment, as well as small and
medium-sized enterprises.
The meeting noted that the digital transformation of the economy
is one of the main priorities in Azerbaijan and the measures taken
to implement artificial intelligence-based solutions in this
direction. At the same time, the work done to further improve tax
administration, apply progressive international practices, and
expand digital control mechanisms was highlighted.
The parties exchanged views on expanding cooperation on issues
of mutual interest.
Azerbaijan has been an ADB member since 1999, focusing on
economic diversification, infrastructure, green energy, and private
sector growth. By 2024, the ADB has committed over $5 billion for
energy, transport, and public sector projects. Key aspects include
aligning with Azerbaijan's diversification goals (2019-2024) in
renewable energy, logistics, tourism, and agriculture.
Major initiatives involve railway rehabilitation (e.g., $400
million for the Sumgayit–Yalama line), improving rural water
supply, and flood protection. Azerbaijan holds a 0.447% ADB capital
share. Current efforts focus on developing a "green corridor" in
Baku, vocational education reforms, and transitioning to a
sustainable, non-oil economy, managed by the ADB Azerbaijan
Resident Mission since 2004.
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