Innovation Is Next Frontier For Azerbaijan's Economy, Official Says

At the World Bank's World Development Report 2024 event, Shahmar Movsumov outlined Azerbaijan's roadmap for future economic growth, emphasizing the importance of innovation, digital transformation, and strategic investments, Azernews reports.

He highlighted the nation's unique geographical position, which allows it to serve as a critical trade hub, accessing half of the world's GDP faster than 17 Central Countries. This makes Azerbaijan a key player in transcontinental trade and industrial development.

Movsumov presented the World Bank's“3-I Strategy”-Investment, Infusion, and Innovation-as a roadmap for achieving high-income status. He noted that Azerbaijan has already laid a strong foundation through significant infrastructure and technology investments. The next priority, he explained, is to foster a culture of innovation by supporting startups, investing in research and development, and promoting new technologies across all sectors.

He cautioned that failure to act swiftly could result in Azerbaijan falling behind, importing outdated ideas instead of creating new ones. However, by leveraging its resources, talent, and strategic location, Azerbaijan has the potential to become a regional leader in innovation.

Movsumov expressed confidence in the country's ability to meet these challenges with bold decisions and creative solutions, ensuring a prosperous future driven by innovation and global partnerships.

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