BAKU, Azerbaijan, October 1. Changes in the global economic landscape in the region encompassing Central Asia, Mongolia, the Caucasus, and Afghanistan present both challenges and new opportunities, Azerbaijan’s Minister of Economy Mikayil Jabbarov said at the CAMCA Regional Forum, held in Baku on October 1.
The minister noted that since its first meeting in 2014, the CAMCA Regional Forum has launched a unique initiative.
"The forum has brought together representatives of government, academia, business, and young leaders from Central Asia, Mongolia, the Caucasus, and Afghanistan on a single, nonpartisan platform. I believe that this year’s theme, ‘A Region at a Crossroads,’ was chosen appropriately and timely manner," Mikayil Jabbarov noted.
He noted that several changes have taken place in the eight years since the 2018 forum in Baku. According to him, one of these is the peace process in the South Caucasus.
"I would like to specifically highlight the peace process in the South Caucasus. For the first time since the countries of the South Caucasus and Central Asia gained independence, this process has freed the region from wars, territorial conflicts, and territorial claims," the minister stated.
Mikayil Jabbarov noted that Azerbaijan’s relations with the countries of Central Asia are also developing at the political level.
"I would like to highlight Azerbaijan’s political participation in the consultative meetings between Central Asia and Azerbaijan at the head-of-state level, which took place last November. A meeting at the head-of-state level will take place in less than a week. In this regard, the western coast of the Caspian Sea is also represented in this process," he emphasized.
The minister then turned his attention to developments in the global economy.
"The global economy is evolving amid various influencing factors. On the one hand, we are seeing a slowdown in global economic growth, which is falling below the average of the past few years. On the other hand, digitalization, particularly the application of AI and its associated consequences, is creating new demand and economic opportunities," said Mikayil Jabbarov.
According to him, the ongoing crisis in the Middle East is also one of the factors influencing global economic processes and energy markets.
"The ongoing crisis in the Middle East is disrupting energy markets and having a serious impact on a global scale," the minister noted.
Mikayil Jabbarov stated that a shift in investor behavior is also being observed.
"According to UNCTAD data, investors are focusing on fewer but larger projects in capital-intensive sectors. This means, on the one hand, that capital has become more selective, and on the other, that the scale of projects is becoming increasingly important," he said.
According to the minister, the fact that most countries in the region have medium-sized or small economies presents both a warning and an opportunity in this regard.
"For a country like ours, where most economies are medium-sized or small, this is both a warning and an opportunity. Because together we can offer something different: interconnected markets, larger markets, and, perhaps most importantly, human capital and talent. I believe all of this applies to CAMCA as well," Mikayil Jabbarov added.
