Baku Hosts Conference on ESG Platform and National Standards to Advance Corporate Responsibility and Sustainable Development

High-ranking officials from the central banks of Kyrgyzstan, Azerbaijan, Kazakhstan, Turkey, and Uzbekistan signed a memorandum to establish a Council of Central Banks at the 11th Organization of Turkic States (OTS) summit in Bishkek. The council aims to strengthen collaboration on monetary policy, financial stability, and technology development, according to a statement from OTG Secretary General Kubanychbek Omuraliev.

Azerbaijan’s Ministry of Economy has projected steady economic growth of 3-4% annually through 2026 under the “Socio-Economic Development Strategy for 2022-2026,” a cornerstone of Baku’s renewed push to diversify and modernize the economy. Central to this blueprint is a notable expansion in the non-oil and gas sectors, anticipated to grow at an average rate of 5% each year.

The 11th Summit of the Organization of Turkic States (OTS) convened on November 6, marking a pivotal moment for deepening collaboration among Turkic nations under the theme "Empowering the Turkic World: Economic Integration, Sustainable Development, Digital Future, and Security for All." Leaders from member states—Azerbaijan, Kazakhstan, Kyrgyzstan, Turkey, and Uzbekistan—gathered alongside observer states Hungary and Turkmenistan, underscoring the organization’s expanding influence on the global stage.

Following negotiations in 2024 between Azerbaijan and the Republic of Congo (capital Brazzaville), SOCAR is intensifying its activities in this African nation.