(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 10. Azerbaijan's
banking sector has serious growth potential, Director at Barings
Lemer Salah said at the "Web 3 driving change in fixed income"
panel within the Chain Reaction 2024 forum in Baku today, Trend reports.
"Azerbaijan's Economy currently shows enough stable indicators.
This provides the country with the opportunity to effectively
leverage its strong financial position, both at the state and
banking sector levels, to attract more foreign direct investment
(FDI).
Compared to emerging markets in Asia, Latin America, and the
Middle East, Azerbaijan has tremendous banking sector growth
potential.
A strong economy, stable revenues, and centralized management
create excellent conditions for further development. One of the key
steps in this process should be attracting more FDI through bond
issuance, which will not only strengthen the banking sector but
also foster its further growth.
Additionally, the country has opportunities to 'leap' into new
segments of the economy, such as blockchain and other modern
technologies. This step will allow Azerbaijan to create a new
capital market and accelerate economic development," he said.
He also noted that Azerbaijan's rating is through the roof
compared to that of several countries.
"The nation's credit rating is at BB+, making it an issuer of
high-yield bonds. However, this rating is higher than that of
Türkiye and most countries in Latin America and Asia. This creates
favorable conditions for diversifying the country's economy and
transitioning from dependence on oil and gas revenues to developing
new sectors," he added.
To note, the kick-off of the Chain Reaction 2024 forum is taking
place in Baku.
The crux of the event revolves around blockchain, Web3,
artificial intelligence, and digital assets.
The first day will feature the following panels: "Diving into
the digital and metaverse economy", "Crypto leading innovation in
digital finance", "Crypto Capital: How Switzerland is transforming
into Europe's digital asset leader?", "Blockchain utility: Where do
governments & enterprises see value in the technology", "Creating
an integrated innovation ecosystem", "Leveraging AI to enhance
organisational productivity," "State of the crypto market; What is
the driving factor?" as well as presentations themed "How banks are
transitioning from Web 2 to Web 3" and "Web 3 driving change in
fixed income".
The forum will run for two days.
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