15:42 - 31.10.2024

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October 31, Fineko/abc.az. As you know, the prestigious COP29 event will be held in Baku on November 11-22. Holding of this event in Baku is important for Azerbaijan in several aspects.

COP29 will not only enhance the authority of Azerbaijan, but also make our country an agenda in the world for 11 days. The government is preparing very seriously for this event, streets and roads are being improved, and repairs are being carried out. In the political aspect, COP29 will strengthen Azerbaijan's position in the world.

So, what could be the economic dividends of COP29 for Azerbaijan?

Answering ABC.AZ's question, MP Vugar Bayramov said that COP29 is one of the largest in the world in terms of the number of participants and the status of participation. He added that this is practically considered the largest event in the world. Bayramov listed the impact of COP29 on processes related to politics, environmental protection and climate change for Azerbaijan, as well as its contribution to the tourism sector:

"COP29 is also of economic importance. First of all, the holding of COP29 in Azerbaijan will make direct contribution to the tourism sector of Azerbaijan. This will lead to a sharp increase in the number of foreigners arriving in Azerbaijan in those days, during the COP29 period, and, of course, to the fact that the tourism and services sector, including the banking sector, will benefit from this. At that, this measure is one of the important factors for tourism, as well as from angle of sustainability. This is linked with the fact that tourists who come to the country usually share information about the country upon their return, which naturally creates conditions for the arrival of new tourists to Azerbaijan. From this angle, the tourism sector will be able to benefit from holding this event in Azerbaijan during the COP29 period, as well as in the long-term prospect."

Referring to the economic aspects of the event, the MP noted that another important point in holding COP29 is the presentation of its potential and capabilities by Azerbaijan .

"In fact, COP29 is also important from angle of raising investments, as it will practically give an opportunity both to present the potential of the Azerbaijani economy and will be uniquely effective for our country in terms of attracting new investments, in particular foreign ones. Considering that Mr. President, defining the new goals of the new era, noted the attraction of foreign investment as one of the key areas. It is especially important to attract foreign investment in the non-oil sector. COP29 will bring economic benefits and dividends to Azerbaijan," the MP said.