PESI Chair attends expert discussion

On 5 May 2017, PESI Chairman Farid Malikov attended a meeting of local economists and policy experts that discussed the challenges and opportunities of introducing a cluster approach to the national context.

The concept of clusters is a relatively a new phenomenon in Azerbaijan, which is at the beginning of the road to capitalize on cluster-based spatial development in addressing the challenges of economic transformation.

Farid noted that a knowledge economy and high-tech industries are key drivers of economic clustering. "A critical mass of qualified labour has a crucial role to play in realizing the innovative potential that clusters hold for stimulating economic growth," he emphasized.

Farid also underlined the need to establish institutional conditions and improve the legal framework for the effective implementation of cluster mechanism.

High-tech enterprises, effectively coordinated cluster policy, solid mechanism for public-private partnership, research commercialization, technology transfer, access to finance (public support and private investment) and other factors were deemed essential by the meeting participants for cluster formation and development.

The meeting was organized by Entrepreneurship Development Foundation under the Project "Expert Support for Economic Reforms."

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