Azerbaijan’s hosting of the prestigious international event COP29 in 2024 and the declaration of this year as the Green World Solidarity Year create opportunities for further increasing initiatives in the field of transition to a green economy, said Sahib Mammadov, Azerbaijani Deputy Economy Minister, Report informs.

Speaking at the 5th Exhibition for the Promotion of Local Companies in Baku today, Mammadov emphasized the significance of these developments in terms of enhancing the country’s image and improving business processes to align with modern requirements.

“The application of green and resource-efficient technologies and behaviors enables businesses to reduce costs, increase competitiveness, and boost productivity,” he stated.

The deputy minister highlighted the exhibition as an important platform for demonstrating progressive practices in the relevant field and promoting the exchange of experiences among businesses through networking. He also pointed out the potential for attracting additional investments to the country’s economy.

“The companies showcasing their products today can attract not only buyers but also potential investors,” Mammadov noted.

He added that Azerbaijan has a sufficiently favorable investment environment, as reflected in prestigious international reports and rankings. The International Monetary Fund (IMF) has declared Azerbaijan as one of the world’s 7 most attractive investment countries for 2024.

Mammadov expressed hope that the Exhibition for the Promotion of Local Companies displaying the successes achieved by national companies, will make a positive contribution to the establishment and development of new business relations.