BAKU, Azerbaijan, November 14. I am confident that we will see tangible results in attracting foreign direct investment to Azerbaijan, the Executive Director of the Export and Investment Promotion Agency (AZPROMO) Yusif Abdullayev said at a panel discussion on "COP29 Climate Platform on Business, Investment, and Philanthropy," TurkicWorld reports.
"As you know, Azerbaijan has chosen a new way to attract investment into the country - foreign direct investment (FDI). And of course, as AZPROMO, we play a key role in this process. We have a strategy for the development of our country until 2030. One of the main pillars of the strategy is the country's transition to a greener and renewable energy sector and attracting more and more FDI in this area," Abdullayev noted.
He also added that in recent years there has been fierce competition between investment attraction agencies from around the world for green FDI, but despite this, AZPROMO continues to work on creating optimal conditions for foreign companies.
"I have already talked about large companies that are represented in Azerbaijan. We see great potential, and I am very happy to see Azerbaijani companies, some of which were invited to COP29, and others have shown their own interest in participating in this process," Abdullayev noted.
Moreover, Abdullayev emphasized the importance of AZPROMO's role as a facilitator between companies, multinational emerging banks, and financial institutions, which he says is one of the agency's key tasks.
"As co-organizers of this event, we have analyzed the companies that came to COP29, and we apply an individual approach to these companies," he concluded.
To note, the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) started in Baku on November 11. The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference in the climate system.
A total of 198 countries are Parties to the Convention. Unless the parties decide otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.
