Fund: Corridor development to open up new opportunities for Azerbaijan to diversify its economy

Initiatives to strengthen connectivity and develop energy and trade corridors offer new opportunities for Azerbaijan to diversify its economy and expand cooperation potential, Jihad Azour, director of the International Monetary Fund's Middle East and Central Asia Department, said at a press conference, Report informs.

"Initiatives to strengthen connectivity and develop various corridors-both energy and trade-present an opportunity for Azerbaijan to diversify its economy and also unlock additional potential through improved transport links," he noted.

According to him, realizing this potential requires continuing reforms aimed at diversifying trade and strengthening the role of the private sector in the economy. He believes that ongoing steps to improve the efficiency of state-owned enterprises are also a step in the right direction.

Azour added that the improving geopolitical situation in the region creates additional opportunities for expanding and accelerating integration processes, particularly in the context of developing the potential of the Middle Corridor.