BAKU, Azerbaijan, November 16. Azerbaijan has been invited to present investment opportunities at the UNVS Science and Technology Investment Fair to be held next April in New York, Assistant Secretary General for Economic Development of the UN Department of Economic and Social Affairs Navid Hanif said, TurkicWorld reports.

He spoke at the II Baku Forum on Sustainable Development.

Hanif noted that now is the right time for cooperation between sectors and countries to mobilize private investment to achieve the Sustainable Development Goals (SDGs).

"There is a need to increase private finance and investment for long-term development." For example, an annual investment of $1.7 trillion is required to complete the energy shift to renewable energy. Despite significant progress, the sector generates just $544 billion per year, the majority of which is generated in industrialized countries. We can increase the flow of resources by better utilizing novel financing structures, such as blended finance, to channel investments to countries and sectors in need," he added.

At the same time, according to Navid Hanif, development banks can play an important role in recruiting extra private finance for sustainable development. To accomplish this, it is critical to standardize and increase governance and accountability for a given impact from private business.

"I strongly encourage you to familiarize yourself with the projects implemented by the GSE Alliance and consider applying them to your own business," he added.

The II Baku Forum on Sustainable Development is aimed at strengthening the experience exchange and cooperation with the countries of the region and international organizations in the implementation of the UN 2030 Agenda.

The event is attended by high-ranking officials from Europe and CIS countries, representatives of the UN, international financial and regional organizations, government institutions, representatives of civil society and private sector, as well as experts.