Davos: Azerbaijan has officially joined the World Economic Forum's Transitioning Industrial Clusters (TIC) initiative, aligning with its "Strategy for the Development of the Digital Economy for 2026-2029". In a move towards forming industrial clusters and integrating into international initiatives, the country signed a Letter of Intent to develop a green economy.

According to Azerbaijan State News Agency, Azerbaijani Deputy Minister of Economy Anar Akhundov and President of SOCAR Rovshan Najaf signed the document during President Ilham Aliyev's presence at the World Economic Forum's 56th Annual Meeting. This collaboration aims to foster the creation of industrial clusters, adapt business activities to efficient production models, utilize advanced digital technologies, and reduce carbon emissions.

A significant aspect of this initiative includes the 'NextGen' industrial cluster within the Sumgayit Industrial Park. This cluster, a collaboration between the Economic Zones Development Agency under Azerbaijan's Ministry of Economy and enterprises 'SOCAR Polymer' and 'SOCAR Carbamide', seeks to optimize production costs, produce competitive products, and enhance export potential.

The Transitioning Industrial Clusters (TIC) initiative, endorsed by the World Economic Forum, is a global program designed to expedite the transition to net-zero emissions while promoting economic growth and job creation. The initiative unites industries, governments, and investors to coordinate strategies, share infrastructure, and implement low-carbon technologies.

Since its launch in 2021, the TIC initiative has extended its network to include 40 industrial clusters across 20 countries, with Azerbaijan joining as a vital participant.