US official: Azerbaijan may increase investments in US energy sector

Azerbaijan may increase investments in the United States, particularly in the energy sector, Caleb Orr, US Assistant Secretary of State for Economic, Energy and Business Affairs, said at a press conference held as part of the first Azerbaijan-US Economic Dialogue, Report informs.

According to him, energy remains a solid foundation of economic relations between the US and Azerbaijan.

"Today, we had detailed discussions with senior officials from the US and Azerbaijani governments and experts in relevant fields on progress in regional connectivity, trade and transit, including the TRIPP initiative, trade facilitation and cooperation in aviation," he said.

Orr noted that the sides considered concrete ideas for creating an investment environment in Azerbaijan that would attract greater interest from US companies in various sectors of the economy, as well as opportunities to increase Azerbaijan's investments in the US, particularly in energy.

"Given the potential of artificial intelligence as a driver of unprecedented economic growth, we identified ways to expand the use of US AI technologies to modernize and enhance the security of Azerbaijan's digital infrastructure," the State Department representative added.

According to him, the United States has been investing in Azerbaijan for more than 30 years, while US companies continue to play an important role in the development of the country's oil and gas sector.

"Companies such as Exxon and Chevron are important participants in Azerbaijan's energy industry, and our partnership continues to develop and expand," he said.

Orr stressed that Washington intends to increase investment in Azerbaijan's energy sector while also expanding cooperation in other areas of the economy.

"We are doubling down on our efforts to invest in the energy sector, while also trying to turn this foundation into a broader structure of cooperation," he said.

The State Department representative also said the US is considering the development of the Trump Route, or TRIPP, initiative, which envisages the creation of a new infrastructure corridor.

"We expect this corridor to be multimodal and to provide not only passenger transportation, but also the transportation of energy resources, as well as the development of digital infrastructure," he noted.

The assistant secretary added that the current economic dialogue reflects the US desire to expand cooperation with Azerbaijan beyond energy and stimulate investment in key sectors of the country's economy.

"Energy remains a solid foundation of our relations, but today we are moving well beyond this area," Orr said.