In accordance with the main priorities of Azerbaijan's "Strategy for the Development of the Digital Economy for 2026-2029", in line with the directions of forming industrial clusters, integration into international initiatives and development of the green economy, a Letter of Intent was signed on Azerbaijan's joining the WEF's global Transitioning Industrial Clusters (TIC) initiative.

The document was signed by Azerbaijani Deputy Minister of Economy Anar Akhundov and President of SOCAR Rovshan Najaf as part of President Ilham Aliyev's participation in the World Economic Forum’s 56th Annual Meeting.

This partnership will promote the creation of industrial clusters in the country, the adaptation of business activities to efficient production models, the leverage of advanced digital technologies and the reduction of carbon emissions. In this regard, the “NextGen” industrial cluster, formed in the Sumgayit Industrial Park within cooperation between the Economic Zones Development Agency under Azerbaijan’s Ministry of Economy and the enterprises “SOCAR Polymer” and “SOCAR Carbamide”, aims to optimize production costs, produce competitive products and increase export potential.

The Transitioning Industrial Clusters (TIC) initiative, supported by the World Economic Forum, is a global program which aims to accelerate the transition to net-zero emissions while fostering economic growth and job creation by bringing together industries, governments, and investors. The initiative unites co-located companies, governments, and stakeholders to coordinate strategies, share infrastructure, and implement low-carbon technologies.

Launched in 2021, the TIC initiative has expanded its network to include 40 industrial clusters across 20 countries, with Azerbaijan officially joining as a key participant.

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