Azerbaijan is successfully continuing its transition from a resource-based economic model to an economy driven by innovation and knowledge, Alexey Kim, Director of External Affairs for CIS Countries at Philip Morris International, said at the event "Technovation – Science and Innovation for Sustainable Economic Transformation" held in Baku, APA-Economics reports.
According to him, Azerbaijan has carried out profound economic and institutional transformation over recent decades, creating a development model that many countries aspire to achieve.
Alexey Kim stated that while the country's energy resources have formed an important foundation for economic development, the energy sector has also stimulated the development of innovation and new technologies.
"Azerbaijan has demonstrated its openness to change and transformation not through words, but through actions," he noted.
According to the PMI official, the country is currently implementing a strategy to transition from a resource-rich economy to a more diversified, innovation-oriented, and knowledge-intensive economic model.
He emphasized that Azerbaijan's hosting of international events within the frameworks of COP29, Baku Energy Week, and UN platforms strengthens the country's position as a global center for cooperation and innovation.
Alexey Kim noted that reforms implemented in the field of technical regulation in Azerbaijan, the involvement of businesses in decision-making processes, as well as the promotion of artificial intelligence and digital innovations, are creating new opportunities for private sector development.
According to him, human capital is the key element of the innovation ecosystem, and cooperation between science, business, and government institutions is one of the important conditions for economic transformation.
The PMI representative added that the company currently operates with alternative tobacco products in more than 100 markets worldwide, and these products are used by 46 million consumers. He noted that Azerbaijan is one of the few markets where PMI does not sell traditional cigarette products and offers only alternative tobacco products.
Alexey Kim stressed that corporate transformation and economic transformation are inseparable concepts, and that an appropriate regulatory environment, transparent rules, and policies that promote innovation play an important role in ensuring sustainable development.
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