During the "Baku ID" (Baku Investment Day) festival held in Baku, the Center for Analysis and Coordination of the Fourth Industrial Revolution (C4IR) under the Ministry of Economy of the Republic of Azerbaijan and the SABAH.HUB Innovation Center signed a Memorandum of Understanding. This memorandum focuses on supporting the development of the local startup ecosystem within the framework of the digital economy's advancement in the country and outlines cooperation in this area.

The memorandum was signed by Fariz Jafarov, the Executive Director of C4IR, and Rahim Bayramli, the Executive Director of SABAH.HUB.

According to the memorandum, the parties will collaborate on the development of the innovation ecosystem in the country, establishing dual degree programs with international and local universities focused on Artificial Intelligence, attracting experienced human capital to the country, and cooperating in research and training programs.

The document also includes continued joint efforts to create a science and industry cluster within the framework of the digital economy's development, as well as cooperation to apply similar experiences from the World Economic Forum's (WEF) "Global Innovators" community in Azerbaijan. C4IR and SABAH.HUB will collaborate with WEF's "Unicorns" and "Technology Pioneers" communities to support the membership of Azerbaijani startups in these communities.