BAKU, Azerbaijan, June 17. The Islamic
Development Bank (IsDB) plays an important role in increasing the
competitiveness of Azerbaijani business and expanding economic
cooperation between the member countries of the organization,
Mikayil Jabbarov, Minister of Economy of Azerbaijan, stated during
a dialogue within the framework of the annual meetings of the
Islamic Development Bank (IsDB) Group in Baku, Trend’s correspondent reports
from the event.
According to the minister, supporting the private sector
remains one of the key areas of cooperation.
”The priority is small and medium-sized enterprises, because
ultimately, it is about the development of the private sector
itself. Access to finance and access to knowledge are precisely the
areas where we combine our efforts,” he said.
Jabbarov noted that Azerbaijan and the IsDB continue to work on
a new country cooperation strategy.
”We will jointly complete the work on the country strategy and
align it with the announced national development priorities. The
IsDB was and remains our reliable partner both in developing
solutions and in their practical implementation,” the minister
emphasized.
He noted that the transformation of Azerbaijan’s economy makes
cooperation with the bank particularly relevant.
”Our economic structure has changed, as we transitioned from an
economy largely based on the public sector to a model where private
business plays a leading role,” Jabbarov said.
The minister also drew attention to the expansion of areas of
support from the financial institutions of the IsDB Group.
”Today we witnessed the signing of a number of agreements
covering various fields—from financial services to promising areas
of the new economy and elements of the new industrial revolution,”
he said.
According to him, the significance of the IsDB goes far beyond
the financing of individual projects.
”The role that the bank plays and can play in the further
development of trade and economic relations between member states
cannot be overstated,” Jabbarov noted.
He emphasized that Azerbaijani companies receive the necessary
tools to enter foreign markets.
”Our companies, when going abroad, always have access to
financial instruments provided by the IsDB Group. Therefore, we
view this contribution much more broadly than just an impact on
GDP—we are also thinking about the growth of national income,” the
minister said.
Particular significance, according to him, lies in the impact
of cooperation with the bank on the development of the corporate
culture of domestic business.
”Working with various arms of the IsDB has a very positive
impact on the ability of our companies to comply with international
standards. This is especially important for small and medium-sized
businesses,” Jabbarov emphasized.
Jabbarov added that modern requirements for business already go
beyond traditional competencies.
”We believe in a new definition of corporate literacy. It
includes digitalization, and the ability to operate at a regional
and even global level. It is precisely on this path that the IsDB
becomes the partner that helps companies undergo the transformation
stage,” the minister concluded.
