On October 27, the Azerbaijan Investment and Culture Summit started working in Baku. The event, arranged by the Small and Medium Business Development Agency (SMBDA) and the Youth Forum of the Organization of Islamic Cooperation (ICYF) with the support of the ministries of Economy and Culture, was attended by the ministers of the Organization of Islamic Cooperation (OIC) member states, representatives of international organizations and the diplomatic corps, businessmen, investors, start-ups, youth organizations, in total, representatives from more than 20 countries. The summit, dedicated to the 880th anniversary of the genius Azerbaijani poet and thinker Nizami Ganjavi, will last until October 29.

According to the traditions of the Organization of Islamic Cooperation, the event started with the reading of ayats from the holy Quran.

Speaking at the opening of the summit, the minister of economy of Azerbaijan Mikayil Jabbarov stressed that the Organization of Islamic Cooperation member states are united by common cultural and religious values, and our country attaches great importance to membership in this organization. Over the past years, the organization has sharply condemned the aggressive policy of Armenia against Azerbaijan and adopted resolutions defending the fair position of our country. The Organization of Islamic Cooperation encourages collaboration between Muslim countries in not only politics but also trade, economic, investment, humanitarian, scientific, and technical spheres. It was noted that the Azerbaijan Investment and Culture Summit is an effective platform for expanding economic cooperation between the organization member countries, as well as promoting the investment potential of Azerbaijan, including Karabakh and Eastern Zangezur.

The minister informed in detail of the favorable investment and business environment created in our country, as well as the restoration and construction work performed in the liberated territories, regional infrastructure projects, and the Alat Free Economic Zone. It was noted that the Azerbaijani government performs large-scale work to revive our territories liberated from occupation and turn this region into a zone of peace and cooperation. The minister of economy stressed the opening of Fuzuli International Airport on October 26 with the participation of the heads of state of Azerbaijan and Turkey and the great economic importance of the restoration of Karabakh and its broad regional integration opportunities. Azerbaijan is interested in attracting investments from partner countries for restoration and construction of Karabakh. Our government is currently investing heavily in the region. The economic reintegration of the territories liberated from the occupation, the use of new opportunities for international and regional transport and transit corridors will be a great impetus for the development of our country. The minister noted that the Karabakh region has great potential in transport and transit, renewable energy, agriculture, industry, mining, and other areas and called on entrepreneurs from the member states of the Organization of Islamic Cooperation and the Cooperation Council of Turkic-speaking States to actively participate in investing in the liberated territories and revival of the region.

Mikail Jabbarov stated that according to the National Priorities for socio-economic development until 2030, approved by the head of state, a mid-term development strategy of our country for 2022-2026 is currently being developed, and issues of new tax incentives for production activity, investment mechanisms, the tourism sector, and territories liberated from occupation will further be considered.

Head of the financial office of the President of Turkey Goksel Ashan, minister of youth and sports of Azerbaijan Farid Gayibov, head of the Investment Office under the President of Turkey Burak Daghlioghlu, president of the World Confederation of Ethnosport Nejmettin Bilal Erdogan, president of the National Confederation of Entrepreneurs’ (Employers') Organizations of Azerbaijan Mammad Musayev, deputy minister of Industry and Technology of Turkey Chetin Ali Donmez, secretary-general of the Research Centre For Islamic History, Art, and Culture (IRCICA) Mahmut Erol Kilich, chairman of the SMBDA Board Orhan Mammadov, and president of ICYF Taha Ayhan spoke at the opening ceremony. Former Malaysian prime minister Mahathir Mohamad addressed the summit participants with a video message.

Speaking at the summit, the chairman of the SMBDA Board Orkhan Mammadov noted that the event coincided with the 1st anniversary of our glorious victory in the Patriotic War and the challenges caused by the COVID-19 pandemic, and these important issues were reflected in the event’s agenda. It was noted that the summit would be important for establishing new business ties and promoting investment opportunities in our country, in particular, the territories liberated from occupation.

On the first summit day, panel discussions were arranged on the topics "Investing in Karabakh: prospects", "Economic and trade prospects of the Organization of Islamic Cooperation member states: challenges and opportunities" and "Strong startup ecosystem for economic recovery in the post-COVID period”. At the panels with the participation of officials, businessmen, and startups from Azerbaijan and the OIC member states, thematic speeches were made, and the participants’ questions were answered. At the panel on "Investing in Karabakh: prospects", which aroused particular interest among the summit participants, information was provided on the economic and investment potential of the Azerbaijani territories liberated from the occupation, the situation in the territories destroyed and plundered by Armenia for about 30 years, as well as restoration and construction work performed there by the Azerbaijani state.  

As part of the event, an exhibition was also arranged, where 50 new startups from the OIC member countries were presented. The exhibition presents start-p projects in the fields of food and agriculture, “green” economy, financial technologies, online applications, environment, renewable energy, smart technologies, air transport, logistics, etc. The exhibition is aimed at contributing to the popularization of young entrepreneurs and startups from the OIC countries on a global scale and providing support in funding startup projects by investors. For information, in total, 500 startups from 61 countries applied for presenting their projects to potential investors within the framework of the summit, from among which 50 startups were selected.

Note that on October 28, panel sessions will be arranged on the topics “Cultural aspects in investment decision-making”, “Investing in startup projects”, “The role of technological investments in achieving sustainable development”, and the exhibition of startups will continue. On October 29, the summit participants will visit Shusha and Fuzuli and take part in cultural events dedicated to the 880th anniversary of Nizami Ganjavi in Ganja.