Chechalashvili: Azerbaijan's peace efforts may boost South Caucasus growth

Azerbaijan's peace initiatives can bring the South Caucasus to a new stage of development, said Valeri Chechelashvili, head of the Georgia Strategic Research Center, in a statement to Report on the economic potential and future development prospects of the South Caucasus region.

He noted that Azerbaijan is the country with the largest economy in the region, with a gross domestic product worth approximately $75 billion annually:

"Whereas Georgia's economy generates $42 billion per year, and Armenia's economy creates approximately $33 billion in value. For this reason, Azerbaijan's role in shaping the overall economic and political landscape in the South Caucasus is of particular importance."

The expert noted that the peace initiatives implemented by Azerbaijan are aimed at transforming the region into a space of stability, integration, and development, and the significance of this process is great.

"However, there is still much work to be done ahead. Overall, when we take the economies of the three countries together, this figure is even smaller than Slovakia's economy. But new conditions, especially the establishment of both Azerbaijan-Armenia and Armenia-Türkiye diplomatic relations after the signing of a peace agreement, will bring the region to a completely new stage," he emphasized.

Chechelashvili added that this process can bring more investment, new opportunities, and economic activity to the South Caucasus. According to him, the doubling of the region's economy within the next five years appears to be a realistic prospect.