Azerbaijan center of the Fourth Industrial Revolution Network of the World Economic Forum was opened in Baku and the event on “Trends in the Fourth Industrial Revolution” was held today.

The event, organized at Azerbaijan State University of Economics, was attended by the Minister of Economy Mikayil Jabbarov, president of the World Economic Forum Borge Brende, senior management of a number of state agencies, scientific and educational institutions, representatives of the companies and startup centres functioning in different sectors of the economy.

First, Borge Brende, the president of the World Economic Forum, got acquainted with the activity of UNEC. Then, the opening ceremony of Azerbaijan center of the Fourth Industrial Revolution Network of the World Economic Forum was held in presence of the Minister of Economy Mikayil Jabbarov and president of the World Economic Forum Borge Brende.

Executive director of the Center for Analysis and Coordination of the Fourth Industrial Revolution (C4IR) Tamerlan Taghiyev and a member of Executive Committee of the World Economic Forum, the Head on Europe, Eurasia and the Middle East, Mirek Dushek made the speeches at the event on "Trends in the fourth industrial revolution", noted the role of digitalization and modern technologies in ensuring stable and sustainable development, as well emphasized the importance of further involving private sector in the development of this field. It was stated that there is great potential for the development of digital economy ecosystem in Azerbaijan.

The “Economy based on the Fourth Industrial Revolution” session was held within the event.

Answering the questions at the session, the minister of economy Mikayil Jabbarov shared his views on the impact of 4IR technologies and digitalization on the future development of the world economy. The minister stated that strengthening the position of Azerbaijan in this process and taking a place among the leading countries is one of our objectives. From this point of view, cooperation with the World Economic Forum and its Fourth Industrial Revolution Network, the launch in Azerbaijan of one of the few centres of the Fourth Industrial Revolution in the world shall contribute to rapid introduction of progressive technologies, providing the services to the citizens and public interests and the development of digital economy.

The President of the World Economic Forum, Borge Brende, emphasized the importance of opening a network of Centers of the Fourth Industrial Revolution in Baku for the first time in the CIS region in terms of enhancing the economy and attracting investments. It was stated that the determination of Azerbaijan in expanding the digitalization creates the confidence that our country shall become regional knowledge centre.

The rector of UNEC, professor Adalat Muradov emphasized that 4IR and the digitalization in this context put global economy face to face with new challenges. It was noted that the conditions created within the process of digital transformation of the world economy, formation of a production ecosystem based on high technologies necessitate the formation of competitive human capital that meets 4IR requirements, and that educational institutions are to be more active in this field.

A Memorandum of understanding was signed between the Center for Analysis and Coordination of the Fourth Industrial Revolution and State agency for Compulsory Health Insurance, as well “Microsoft Azerbaijan” LLC.

The president of the World Economic Forum, Borge Brende, was awarded UNEC Dr. h.c. Diploma at the event.

The "Trends in the Fourth Industrial Revolution" event continues its activities through the sessions.