The High-Level Roundtable of the Arab Coordination Group (ACG) was held in Baku under the organization of the Ministry of Economy, Ministry of Economy told APA-Economics.
According to the information, the Minister of Economy of the Republic of Azerbaijan Mikayil Jabbarov expressed his satisfaction with welcoming the high-level delegation of the Arab Coordination Group to our country. He emphasized that Azerbaijan has established fruitful partnership relations with the institutions included in the Group. It was noted that the Islamic Development Bank (IDB) and the OPEC Fund participated in financing projects on sustainable development, increasing social welfare and strengthening economic infrastructure in our country, and also contributed to the socio-economic progress of Azerbaijan by joining the projects implemented in our country by other member institutions included in the Group.
The Minister of Economy provided information about the favorable business and investment environment created in our country, and provided information about the steps taken and the results achieved in the direction of the development of the non-oil sector. Also, the programs implemented for the restoration of the liberated territories and the economic revival of these territories, the concessions and incentives applied to promote entrepreneurial activity, and the vast economic potential of Karabakh and East Zangezur were brought to the attention of the guests.
The “Declaration of Intent between the Ministry of Economy of the Republic of Azerbaijan and the members of the Arab Coordination Group” was signed within the framework of the round table. The document was signed by the Minister of Economy of the Republic of Azerbaijan Mikayil Jabbarov, President of the Islamic Development Bank Group Muhammad Sulaiman Al-Jasser, Director General of the OPEC Fund for International Development Abdulhamid Al-Khalifa, Director General of the Abu Dhabi Fund for Development Muhammad Saif Al-Suwaidi, Chief Executive Officer of the Saudi Development Fund Sultan Abdulrahman Al-Marshad, and Executive Director of the Kuwait Arab Economic Development Fund Walid Al-Bahar.
According to the Declaration of Intent, the parties expressed their intention to expand cooperation in the direction of attracting preferential financing opportunities for infrastructure projects in the Republic of Azerbaijan by the member institutions of the Arab Coordination Group in accordance with the document “Azerbaijan 2030: National Priorities for Socio-Economic Development”. The document also envisages the promotion of cooperation based on the exchange of information and experience.
Then, the “Memorandum of Understanding between the Ministry of Economy of the Republic of Azerbaijan and the Abu Dhabi Fund for Development” was signed. The document was signed by the Minister of Economy of the Republic of Azerbaijan Mikayil Jabbarov and the Director General of the Abu Dhabi Fund for Development, Mohammed Saif Al-Suwaidi.
The signed documents cover the creation of new mechanisms for increasing the efficiency of joint activities, promoting business platforms and investments, and taking Azerbaijan’s partnership with the Arab Coordination Group to a new level.
