The realization of the Zangezur corridor will significantly strengthen Azerbaijan's strategic position in the South Caucasus region, this was stated in a report on Azerbaijan by Fitch Solutions, a company belonging to Fitch Group, APA-Economics reports.
It is noted that Azerbaijan, which regained full control over Karabakh in 2023, is currently focusing on projects aimed at developing transport links in the region and building a direct land route with the Nakhchivan Autonomous Republic. According to the report, the Zangezur corridor, which is planned to pass through the southern territory of Armenia, will connect Azerbaijan with Nakhchivan and Türkiye. This new transport route will create alternative connectivity opportunities and expand Azerbaijan's access to both the Caspian and Black Sea basins.
Fitch Solutions also noted that the trade balance currently remains negative, which negatively affects the growth rate of the country's economy. In 2024, the contribution of trade to economic growth was negative due to the predominance of imports over exports. According to the agency's forecast, this trend is not expected to change in the near future. However, if the government's infrastructure projects and regional connectivity initiatives are successfully implemented, some positive changes in the trade balance may occur.
Overall, the FS added that in the long term, Azerbaijan's economic development will be determined by the strategic steps currently being taken by the government.
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