Baku: On July 2, the Black Sea Trade and Development Bank (BSTDB), in collaboration with the Azerbaijan Export and Investment Promotion Agency (AZPROMO), organized a Business Forum in Baku as part of the 28th Annual Meeting of the BSTDB Board of Governors under the chairmanship of the Republic of Azerbaijan. According to Azeri-Press News Agency,the Forum, themed 'Connecting Markets, Diversifying Economies: Azerbaijan as a Regional Hub,' was a platform for discussions on Azerbaijan's economic development priorities, regional cooperation opportunities, BSTDB projects, and emerging trends in development finance.
Sahil Babayev, Minister of Finance of the Republic of Azerbaijan and Governor of BSTDB for Azerbaijan, opened the Forum by emphasizing Azerbaijan's strategic importance as a key economic and transportation hub connecting Europe and Asia. He outlined the country's priorities, which include expanding transport connectivity, diversifying the economy, fostering a strong private sector, supporting competitive businesses, and integrating into regional and global value chains to achieve sustainable economic development.
Minister Babayev also expressed Azerbaijan's interest in expanding cooperation with the BSTDB, particularly in supporting small and medium-sized enterprises (SMEs). He highlighted the crucial role of domestic financial institutions and private investors in financing priority development areas, stressing the need for continued collaboration among governments, international financial institutions, commercial banks, and the business community to unlock new opportunities.
Serhat K¶ksal, BSTDB President, spoke about Azerbaijan's forward-looking policy to strengthen resilience through market connectivity, economic diversification, and regional cooperation. He noted the country's efforts to reduce dependency on hydrocarbons, promote the non-oil sector, support entrepreneurship, and enhance regional connectivity, creating new opportunities for investment and cooperation.
President K¶ksal highlighted the evolution of the BSTDB's partnership with Azerbaijan over more than two decades, built on mutual trust and shared objectives. The BSTDB has supported numerous projects in financial services, manufacturing, trade, energy, and other sectors, contributing to job creation, increased competitiveness, and sustainable economic growth.
He also emphasized the Business Forum's role in supporting Azerbaijan's future development, describing it as an effective platform for establishing new partnerships, exploring investment opportunities, and expanding business networks. Participants viewed a video highlighting the evolution of cooperation between the BSTDB and Azerbaijan, and the event featured panel discussions and bilateral business-to-business (B2B) meetings among financial institutions' representatives.