Azerbaijan views transport corridors not merely as routes for cargo transportation, but as broad economic platforms facilitating the movement of goods and services, energy, data, capital and human capital, Economy Minister Mikayil Jabbarov said at the II Azerbaijan International Investment Forum in Baku. According to Jabbarov, the development of corridors should not be limited to expanding transit capacity. Instead, economic activities that create additional value should be developed around them.
"We believe that a corridor does not simply mean cargo transportation. In fact, we would like to distinguish five key flows: goods and services, energy, data, capital and, most importantly, people, meaning human resources," Jabbarov said. He noted that the main objective concerning goods and services should not simply be transporting cargo from one point to another, but creating added value.
"For example, raw materials from the region can be processed here and delivered to consumers in Türkiye and Europe. This process is carried out by utilizing the opportunities offered by the Alat Free Economic Zone and our industrial parks," the minister emphasized. Jabbarov also highlighted energy sustainability as an important area of Azerbaijan’s contribution to regional corridors.
He said new support mechanisms provide for the compensation of up to 70% of transportation costs for non-oil exports within established limits. "Large-scale green energy projects are already being implemented in Azerbaijan together with leading global companies. The agreement signed by the leaders of Azerbaijan, Kazakhstan and Uzbekistan within the framework of COP29 laid the foundation for a green energy corridor from Central Asia.
At the same time, the Caspian-Black Sea-Europe green energy corridor is being designed to transmit renewable electricity to European markets," he stressed. The minister added that these projects create significant opportunities for investors in electricity generation and transmission, as well as in energy-intensive industries. Here we are to serve you with news right now.
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