WNAM MONITORING: In a rapidly evolving global landscape where digital transformation is becoming a key driver of economic growth, Azerbaijan is striving to establish a competitive position by creating attractive conditions for both local and international investments, according to the World Economic Forum’s (WEF) “Impact Report Centre for the Fourth Industrial Revolution Network 2023-2024”.
Report informs that, according to the document, the Digital FDI project commenced with a series of strategic meetings aimed at defining objectives and developing practical strategies. Surveys and interviews were conducted with local and international enterprises operating in Azerbaijan’s digital economy, providing comprehensive insights into market dynamics, challenges, and prospects.
The WEF emphasizes that the Digital FDI initiative is already making a noticeable impact, fostering a culture of innovation and entrepreneurship in Azerbaijan. Workshops have facilitated knowledge sharing and strategic efforts to integrate local businesses into global digital transformation trends. Companies and startups have received practical guidance on assessing their digital readiness and identifying areas for improvement, enabling them to attract investments and expand their operations.
As part of the project, the InvesTech calculator has been developed – a tool designed to streamline the investment decision-making process by providing clear data on the digital investment landscape. This tool is a crucial component of the project’s strategy to attract more foreign direct investment by enhancing transparency and simplifying the investment process.
Azerbaijan’s Minister of Economy Mikayil Jabbarov was quoted in the report as saying the IDEA initiative: Investing in the Digital Economy of Azerbaijan by the World Economic Forum highly appreciated Azerbaijan’s achievements in creating a favorable environment for startups and innovations.
The report published in June 2024 emphasizes the importance of attracting foreign investments, stimulating the private sector, promoting digitalization, and implementing relevant steps to ensure the country’s socio-economic development.
