Mikayil Jabbarov: Partnership with IsDB expands opportunities for Azerbaijani companies

The Islamic Development Bank plays an important role in Azerbaijan's transition to a private sector-led economic model and in helping local companies adapt to international standards, Economy Minister Mikayil Jabbarov said during a dialogue session at the 51st Annual Meeting of the bank in Baku.

Report quotes the minister as saying the development of Azerbaijan's economy has enabled a shift from a state-dominated model to an economic system in which the private sector plays the leading role. In this context, cooperation IsDB is both natural and complementary.

"The agreements signed today cover a broad range of areas, from financial services to sectors related to the new economy and the Fourth Industrial Revolution. The financial instruments provided by IsDB expand opportunities for Azerbaijani companies to enter foreign markets and help strengthen trade and economic ties among member countries. We approach this issue not only from the perspective of gross domestic product, but also through the lens of increasing national income. This creates significant advantages for Azerbaijani companies," Jabbarov said.

He noted that cooperation with various IsDB institutions is particularly beneficial for small and medium-sized enterprises seeking to operate in line with international standards.

"In today's world, corporate literacy also encompasses digitalization, adaptation to innovation, and the ability to operate at the regional and even global level. This transition is important not only for countries and economies, but also for companies themselves. IsDB is one of the key partners for businesses on this path," he added.