“Our history, geography, and interaction with European institutions and at the same time being geographically located between West and East enable us to do a lot. I think that for successful development of issues related to climate change, we need not only finance—finance will be, by the way, the main topic of COP 29— but also solidarity and mutual trust,” the head of state noted.

This day featured three plenary and four panel sessions, the 5th ministerial meeting, and the 3rd summit of international organizations. During the sessions, participants exchanged views on current topics. The speakers spoke in favor of expanding the dialogue, pointing out the current problems and threats in the world.

To note, the 6th World Forum on Intercultural Dialogue has kicked off in Baku.

A total of 700 guests from around the globe are convening for the forum centered on the theme "Dialogue for Peace and Global Security: Cooperation and Interconnectivity."

Among the diverse participants hailing from over 100 nations, ministerial figures and representatives from the cultural ministries of 60 countries, along with 28 international organizations, will be in attendance. The agenda includes 10 panel discussions and four plenary sessions.

This significant event, organized by the Ministry of Culture of Azerbaijan, is a collaborative effort with esteemed international bodies such as the United Nations Alliance of Civilizations (UNAOC), UNESCO, ICESCO, and the UN World Tourism Organization.

The event is set to run from May 1 through 3.

The issue was reviewed at the meeting between Uzbekistan's President Shavkat Mirziyoyev and Azerbaijan's Minister of Economy Mikayil Jabbarov, who is visiting Tashkent.

Both sides stressed the need to expand their project portfolios, including by attracting funding from a joint investment company.

The two countries are already working together on projects in sectors like automotive, energy, agriculture, electrical engineering, textiles, and tourism.

They also agreed to hold the next meeting of the Intergovernmental Commission and the second Forum of the Regions of both countries.

Today in Tashkent, a Memorandum of Cooperation was signed for the integration of the energy systems of Azerbaijan, Kazakhstan, and Uzbekistan. Mikayil Jabbarov stated that this agreement will help achieve joint goals in producing "green" energy and exporting it to Europe through Azerbaijan, as well as integrating energy systems and efficiently using renewable energy sources.

Trade turnover between Azerbaijan and Uzbekistan from January to March 2024 totaled 142 million USD. The two countries' economies have enough potential for mutual trade indicators to reach 1 billion USD in the coming years.

“Within the framework of a business trip to Uzbekistan, a ‘Memorandum of Cooperation on the Integration of Energy Systems of Azerbaijan, Kazakhstan, and Uzbekistan’ was signed at a trilateral meeting of the economy and energy ministers of Azerbaijan, Uzbekistan, and Kazakhstan,” the minister noted.

According to him, the document's implementation will encourage the achievement of common goals in the direction of green energy production and export to Europe via Azerbaijani territory, as well as energy system integration and the organization of effective use of renewable energy sources.

"The extent of private sector engagement in Middle Corridor development hinges greatly on the scale of the anticipated projects. Currently, the focus lies predominantly on infrastructure endeavors, particularly the construction of railways and road networks. Thus, it constitutes a significant investment in physical infrastructure," he said.

Sharifov noted that the private sector finances such projects, but they require rather large sums of capital.

"The repayment terms for this funding should be sufficiently long. Therefore, private financing under these circumstances appears relatively costly. As a result, priority is given to alternative financing sources, primarily international financial institutions such as the World Bank, the Asian Development Bank, the European Development Bank, and the Asian Infrastructure Investment Bank, as well as various development funds in several Arab countries, among others. These financial institutions offer longer loan durations and lower interest rates, which is crucial for small-scale projects, as ultimately, the loans must be repaid," he explained.

The minister remarked that securing loans may not pose significant challenges.

"But to repay, there must be a targeted long-term strategy," he added.

“The Kyrgyz Energy Forum, organized by the World Bank and the Kyrgyz Energy Ministry, will be held in Vienna on June 10-11. I have also invited Azerbaijani Energy Minister Parviz Shahbazov to this forum, who promised to take part in it,” Ibraev noted.

According to him, the energy ministers of Tajikistan, Uzbekistan, and Kazakhstan have also been invited to the event in Vienna.

The energy forum will discuss the prospects of energy development both in Kyrgyzstan itself and in Central Asia and the Caspian littoral states, as well as their cooperation.

Elmin Mammadov was born in 1987.

He worked in various positions in the Main Department of Legislation of the Ministry of Justice of Azerbaijan in 2011-2013, in the International Cooperation Department of the Cabinet of Ministers of Azerbaijan in 2013-2015, in the Department of Legislation and Legal Expertise of the Presidential Administration of Azerbaijan in 2015-2021.

From 2021 until this appointment, he worked as the head of the legal department of the Ministry of Digital Development and Transport.

Shahin Babayev was born in 1988.

He's a member of the International Association of Chartered Certified Accountants (ACCA).

Babayev began his career in 2011 at the Sumgayit Technological Park. Since 2012, he began working at Azercosmos, where until 2021 he served as head of the financial department.

Before his appointment as deputy minister, Babayev was an adviser to the Minister of Digital Development and Transport.

According to him, interaction between Caspian ports of the countries participating in TRACECA, improvement of ferry communication, and solution of issues on acceleration of cargo delivery through the Caspian Sea will be among the topics of discussion.

Meanwhile, the TRACECA program celebrated its 30th anniversary in 2023. It involves 14 countries around the world.

To note, TRACECA interacts with all international financial institutions and reputable organizations.

He noted that tourism becomes a decisive factor in the development of Azerbaijan's economy and the government pays special attention to strenghtening this sector: "The State Tourism Agency, in turn, actively promotes Azerbaijan's tourism potential in various markets and achieves a significant increase in number of tourists. Of course, the pandemic seriously affected the global tourism and Azerbaijan is no exception. However, we are pleased to see the positive tendencies in the recovery of the sector and believe that we will achieve full recovery of the tourism industry in Azerbaijan this year."

The cost of participation in the tender is 450 manat (264.7 USD).

Those willing to participate should submit their proposals by 15:00 (GMT +4) May 24, 2024.

The opening of tender packages will take place on May 24, 2024, at 15:00.

Additional information: Phone: (+99412) 565-12-72 (internal - 424); Contact: Ali Aliyev (ali.aliyev@afsa.gov.az); Address: Suleyman Sani Akhundov street 73C, Baku city.