IMF: Corridor development opens new diversification opportunities for Azerbaijan

Initiatives aimed at strengthening connectivity and developing energy and trade corridors create new opportunities for Azerbaijan to diversify its economy and expand cooperation potential, International Monetary Fund (IMF) official Jihad Azour said.

“The enhancement of connectivity and the development of various corridors — both energy and trade — provide Azerbaijan with the potential to diversify its economy and improve transport links,” Azour, Director of the IMF’s Middle East and Central Asia Department, said at a press conference.

He noted that reforms aimed at diversifying trade and strengthening the role of the private sector should continue, while measures to improve the efficiency of state enterprises are moving in the right direction.

Azour added that improving the geopolitical situation in the region creates new opportunities for integration and accelerates the development of the Middle Corridor’s potential.