Vugar Oruc: The Summit in Khankendi Marks Another Diplomatic Victory for Azerbaijan and Opens Econom

Vugar Oruc, Chairman of the Azerbaijan Society of Appraisers (AQC) and President of the Council of Appraisal Associations of Turkic States (CAATS), described the 17th Summit of the Economic Cooperation Organization (ECO) held in Khankendi as another significant diplomatic achievement for Azerbaijan. According to him, the summit not only strengthens the country’s international standing but also opens up substantial economic prospects.

Oruc noted that this is the third time Azerbaijan has hosted such a high-level international event, highlighting the country’s growing role as a strategic actor on the global stage. “The fact that Khankendi hosted such an important summit signifies the transformation of the Karabakh region from a conflict zone into a hub for development, cooperation, and regional integration,” he emphasized.

He pointed out that the summit's agenda includes critical topics such as regional trade, energy, transportation, climate issues, and sustainable development. Initiatives like the Caspian Climate Declaration, carbon trading, and the "green energy zone" were also discussed. According to Oruc, these initiatives will stimulate investment inflows, boost interest in the Karabakh region, and support the expansion of trade and logistics corridors. This will contribute to the economic revival of Karabakh and promote Azerbaijan’s exports to ECO member states.

“The summit will also enhance Azerbaijan’s transition to a green economy, increase the tourism potential of Khankendi and the broader Karabakh region, and contribute significantly to local employment,” Oruc added.

Commenting on recent attacks against Azerbaijani migrants in Russia, Oruc warned that such hostile actions could backfire against Russia itself. “Western sanctions have seriously weakened the Russian economy, leading to technological shortages, import-export restrictions, and capital outflows. The country is also experiencing demographic decline and a brain drain, with hundreds of thousands of specialists leaving,” he said.

Oruc emphasized that Russia is currently facing a labor crisis and is attempting to compensate for this through migrant workers and non-Russian populations. “If Russia were to abandon migrants, internal social problems could become unmanageable. Moscow is already in a crisis with the West, and straining relations with Azerbaijan would be a risky move for the Kremlin. Therefore, Russia must abandon its radical stance and neutralize extremist groups within its borders,” he concluded.