Baku: Azerbaijan is successfully continuing its transition from a resource-based economic model to an economy driven by innovation and knowledge, Alexey Kim, Director of External Affairs for CIS Countries at Philip Morris International, said at the event "Technovation - Science and Innovation for Sustainable Economic Transformation" held in Baku, APA-Economics reports.
According to Azeri-Press News Agency, Alexey Kim emphasized that Azerbaijan has carried out profound economic and institutional transformation over recent decades, creating a development model that many countries aspire to achieve. He pointed out that while the country's energy resources have formed an important foundation for economic development, the energy sector has also stimulated the development of innovation and new technologies.
Alexey Kim remarked that Azerbaijan has shown its openness to change and transformation not just through declarations but through concrete actions. He highlighted that the country is currently implementing a strategy to transition from a resource-rich economy to a more diversified, innovation-oriented, and knowledge-intensive economic model.
He also noted the significance of Azerbaijan hosting international events within the frameworks of COP29, Baku Energy Week, and UN platforms, which strengthens the country's position as a global center for cooperation and innovation.
The PMI official further stated that reforms in the field of technical regulation, the involvement of businesses in decision-making processes, and the promotion of artificial intelligence and digital innovations are creating new opportunities for private sector development in Azerbaijan. He underscored that human capital is the key element of the innovation ecosystem, and cooperation between science, business, and government institutions is crucial for economic transformation.
Alexey Kim added that Philip Morris International operates with alternative tobacco products in more than 100 markets worldwide, catering to 46 million consumers. He noted that Azerbaijan is unique in that it is one of the few markets where PMI does not sell traditional cigarette products, offering only alternative tobacco products.
He concluded by stressing that corporate transformation and economic transformation are inseparable concepts, and that an appropriate regulatory environment, transparent rules, and policies that promote innovation are essential for ensuring sustainable development.