Rashad Nabiyev, Chairman of the AZCON Supervisory Board and Minister of Digital Development and Transport, made a post on his social media account regarding his meeting with Bhargav Dasgupta, Vice President for Market Solutions at the Asian Development Bank.
"We discussed the work to be done towards the privatization of companies included in AZCON Holding and the issues of attracting the private sector to strategic projects. We exchanged views on partnership prospects in strategic areas such as "Government Cloud", air transport, metro, railway, and road transport," R. Nabiyev noted.
In a statement to Modern.az, Mushfig Jafarov, a member of the Milli Majlis Committee on Economic Policy, Industry, and Entrepreneurship, stated that the work to be done towards the privatization of companies included in AZCON Holding and strategic projects will create conditions for the revitalization of the private sector:
"In addition to companies under the Ministry of Digital Development and Transport, AZCON includes "Azerbaijan Airlines", "Azerbaijan Railways", "Azerbaijan Caspian Shipping Company", "Baku Metro", "Baku International Sea Trade Port", "Baku Shipyard" CJSCs, and "BakuBus" LLC, and each of them will be open to privatization.
Thus, through AZCON's privatization policy, these changes in a very wide range of state-owned companies will affect the organization of services and the formation of prices.
Generally, the lack of proper control over the efficiency of state investment utilization reduces financial revenues and hinders the implementation of an optimal economic model. The formation of a holding structure will allow for the centralization of control and standardization of management approaches, which can help increase transparency and efficiency."
The deputy emphasized that privatization will achieve the development of entrepreneurship and ensure economic activity:
"Furthermore, the implementation of restructuring and rehabilitation measures based on modern approaches in the economy, as well as the application of new corporate governance algorithms, will further increase efficiency.
However, there are certain areas where state participation is considered crucial due to their strategic or social importance. In some areas, particularly those vital for society, state involvement is essential to ensure the continuity of operations and maintain overall stability. From this perspective, the privatization of many state enterprises, especially in the financial sector, banks, and commercially oriented companies, is considered appropriate.
In many developed countries around the world, a significant portion of state-owned companies belongs to the non-private sector. Generally, the privatization of such structures is considered appropriate for more effective management."
