(Read the full article on Report.az)

Being an important transportation hub in the region, Azerbaijan is continuously improving cross-border and transit procedures and logistics, digitalizing logistics system and trade processes, Azerbaijan’s Minister of Economy Mikayil Jabbarov said at the Virtual CAREC High-Level Session during the Annual General Meeting “CAREC at 20: Reimagining Regional Cooperation through Digital Transformation”, which is taking place during the ADB’s annual general meeting, Report said.

“You may know that the new era has arrived for the region and particularly for Azerbaijan. The rehabilitation and development of the territories liberated from almost 30 years occupation by neighboring Armenia, including establishment of the necessary infrastructure, enabling incentive for business development and implementation of new transport and economic corridors, especially Zangezur corridor are among the list of priorities on our economic agenda for years to come. These activities will certainly contribute to the enhancement of regional cooperation,” the news agency cited the minister as saying.

Reconstruction of the region will be carried out both through public investment and with the involvement of private funds. Attractive conditions will be created for investors, while the openness of the Azerbaijani side to foreign investments doesn’t mean that it cannot do without them, Jabbarov said earlier. In 2021, the Azerbaijani government intends to spend about $1.5 billion in public investment on the restoration of the region, Report said.

He noted that in addition to agriculture, tourism and mining industry will develop in the region – as a result of the war, 2/3 of the Soyudlyu (Zod) gold deposit in the Kalbajar district was transferred to Azerbaijan.