China is interested in Azerbaijan’s accession to Shanghai Cooperation Organization Development Bank
Baku, May 5, AZERTAC
Sahil Babayev, Azerbaijan’s Finance Minister, who is attending the 59th Annual Meeting of the Asian Development Bank (ADB) held in Samarkand, Uzbekistan, joined the plenary session of the Board of Governors on the theme “Transforming Global Value Chains, Technology and Inclusive Development.”
The meeting featured discussions on technological transformation in global value chains, enhancing regional integration and strengthening economic resilience.
Participants highlighted the importance of developing skills, improving infrastructure, digitalization and expanding access to finance for more effective integration of developing countries into global value chains.
On the third day of the Annual Meeting, Sahil Babayev, Azerbaijani Finance Minister, met with Georgian counterpart Lasha Khutsishvili. During the meeting, the sides hailed the high-level strategic partnership between the two countries. They described the Intergovernmental Commission as a crucial platform for coordinating bilateral cooperation and advancing priority goals.
During the meeting, the sides exchanged views on the reforms implemented in the field of public finance, improving fiscal sustainability, public-private partnership mechanisms and collaboration with international financial institutions. The meeting also emphasized the need for enhanced coordination on regional initiatives.
The parties agreed to draft and sign a memorandum of cooperation between the two countries’ finance ministries in the near future.
During the meeting between Himalay Mamishov, Azerbaijan’s Deputy Minister of Finance, and representatives of the Chinese Ministry of Finance, the sides praised the rapid development of relations between Azerbaijan and China. The sides hailed the fact that bilateral relations are based on political trust, as well as growing cooperation in the fields of energy, transport and digital transformation.
The meeting underscored the active participation of Chinese companies in the industrial zones of Azerbaijan, expansion of cooperation opportunities in manufacturing and green technologies, digital economy and logistics are aligned with the strategic interests of the country.
The Chinese delegation requested to consider the issue of Azerbaijan’s possible membership in the Shanghai Cooperation Organization Development Bank.
During Himalay Mamishov's meeting with Konstantin Limitovskiy, Chief Investment Officer of the Asia Infrastructure Investment Bank (AIIB), the sides commended the successful cooperation between Azerbaijan and AIIB. It was mentioned that the AIIB is a key international partner in Azerbaijan's infrastructure and green energy sectors.
The Azerbaijani delegation also participated in the event titled "Connecting Regions Through Tourism" held as part of the ADB's Central Asia Regional Economic Cooperation (CAREC) program.
The session, moderated by Sunniya Durrani-Jamal, ADB Country Director for Azerbaijan, highlighted that the tourism sector currently accounts for about 10 percent of global GDP, with great potential to increase this number to 13 percent in the CAREC region by 2030. The meeting highlighted the importance of coordinated action in realizing these objectives.
The event also underscored ADB's commitment to advancing regional tourism and fostering closer economic integration.
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