Shift from oil to lithium sparking new global race for strategic resources

The twentieth century unfolded under the sign of oil. Often called “black gold,” petroleum powered industrial development, transformed transportation, and redrew the geopolitical map. Access to oil influenced alliances, wars, trade routes, and the rise of major economic powers. Today, the energy transition is at the forefront of the global agenda, and it needs its own fuel. Its name is lithium – the lightest metal, without which we would not have smartphones and laptops, electric vehicles, or energy storage systems for solar and wind power.

According to experts, lithium could become a resource that will largely determine the logic of future international conflicts and the technological leadership of nations. Its importance extends beyond consumer electronics because lithium is becoming a foundation of transportation, electricity infrastructure, and national security. For these reasons, lithium is frequently described as the “oil of the new economy.” Nevertheless, control over lithium extraction and technological expertise may shape economic power and international competition much as control over oil did in the previous century.

Why lithium matters

Lithium has several physical and chemical characteristics that make it particularly valuable. It is exceptionally light, has a high electrochemical potential, and allows batteries to store large amounts of energy relative to their weight. These properties make lithium-ion batteries compact, rechargeable, and powerful. The technology changed personal electronics by allowing devices to become smaller, lighter, and portable. Mobile phones no longer needed to remain connected to cables, while laptops and tablets could operate for hours away from electrical outlets. The same principle is now transforming transportation. Electric vehicles require much larger battery packs than consumer electronics, making the automotive industry the most important source of additional lithium demand.

Despite a rapid expansion in mining, lithium could face a serious supply shortage within the next decade. According to the International Energy Agency (IEA), global lithium demand could increase almost fivefold by 2040, exceeding 500,000 tonnes in terms of pure lithium content. If the world continues to follow its current climate policies, demand could exceed supply by one-third by 2035. Under a more ambitious scenario aimed at achieving carbon neutrality by 2050, demand for the metal would grow even more rapidly.

Where lithium comes from

Because lithium is highly reactive, it does not occur naturally as a pure metal. It is found in dissolved salts and solid minerals. Commercial production generally comes from mineral-rich brines and hard-rock deposits.

Brine extraction is especially important in the dry regions of South America. Underground water containing dissolved lithium is pumped to the surface and traditionally placed in large evaporation ponds. Over time, water evaporates and leaves behind increasingly concentrated salts, which are processed into lithium compounds. One of the world’s best-known resources is Chile’s Salar de Atacama, a vast salt flat covering roughly 3,000 square kilometres. Its lithium resources have helped establish Chile as a major producer, leading some observers to call the country the “Saudi Arabia of lithium.” Chile, Argentina, and Bolivia form the so-called Lithium Triangle, a region containing a large share of the world’s identified brine resources.

Hard-rock lithium is usually extracted from minerals such as spodumene. Australia is a leading producer of this kind of material. Hard-rock mining can bring projects into production more quickly than traditional brine evaporation, but it is energy-intensive and requires substantial crushing, concentration, and chemical processing. The United States and China are unique in this regard, as they are among the countries possessing both hard-rock lithium deposits and lithium-rich salt flats. In recent years, digitalization has become a major factor driving demand for lithium. As the number of electronic devices has increased, so too has the need for efficient and high-capacity batteries.

But that is far from all. Lithium is also used in:

metallurgy, where it improves the flexibility and strength of alloys;

glass production, including glass designed to block ultraviolet radiation;

nuclear energy, for the production of tritium and potentially for use in fusion energy systems;

medicine, particularly in the treatment of bipolar disorder and depression;

the production of lubricants with excellent water-repellent and heat-resistant properties;

energy storage systems for solar and wind power plants.

No analysis of lithium geopolitics is complete without China. Its strength does not rest solely on domestic mineral deposits. More importantly, China has built a highly integrated industrial ecosystem connecting overseas mining investments, chemical refining, battery materials, electric vehicles, and energy-storage systems. Chinese companies have invested in lithium projects across Australia, Argentina, Bolivia, Chile, and other resource-rich regions. These investments provide access to raw material. China accounts for around 60% of global lithium processing.

China’s enormous domestic electric-vehicle market reinforces this advantage. In 2022, the country produced approximately 6.89 million new-energy vehicles, nearly double the previous year’s output, and represented around two-thirds of global electric-vehicle sales. Rising battery production also increased Chinese lithium imports, even as domestic extraction expanded. Other countries increasingly view this concentration as a strategic vulnerability. The United States, members of the European Union, Japan, South Korea, and India are promoting domestic battery factories and partnerships with mineral-producing states.

Lithium supports technologies associated with the green transition, but its extraction is not automatically environmentally sustainable. This contradiction has led critics in parts of Latin America to describe lithium mining as a form of “white death.” Thus, the continuously growing demand for lithium from global industry, combined with the environmental damage associated with its extraction, raises questions about the true “green” credentials of lithium-ion batteries. The world wants less oil in order to reduce environmental damage, but to produce green energy technologies, it is necessary to extract new resources, sometimes creating serious environmental problems.

The only factor that could reduce lithium prices in the foreseeable future (potentially by 30-40%) would be a large-scale global recession that significantly reduces demand for all types of vehicles, including electric ones. Even then, however, prices would not fall below the levels seen in 2021, let alone those of earlier periods. At the same time, battery production for other applications could help sustain lithium demand even if electric vehicle sales were to collapse.

Lithium mining and ore production could, within just a few years, become the “new oil,” creating vast economic opportunities for entire countries and transforming the fortunes of resource-rich economies.

Countries around the world are seeking to gain control over materials that are critical to the green transition. These challenges are becoming more acute as geopolitical tensions contribute to the fragmentation of the global economy, while supply chains remain highly vulnerable to geopolitical risks. In the short and medium term, supply shortages may emerge as demand for certain materials, as lithium, continues to grow while mining remains concentrated among a limited number of producers.

Experience Lachin through its heritage and landscapes

Lachin has a character all its own, a place where dramatic mountain scenery, centuries-old heritage and a renewed cultural life come together.

Forests cover the slopes, rivers wind through narrow valleys, mineral springs emerge from the mountains, and historic monuments preserve traces of the region’s long and varied past. At the same time, new cultural venues, tourism facilities, roads and public spaces are giving the city a new chapter in its history. Few destinations in Azerbaijan bring together such a remarkable combination of mountain landscapes, historical heritage and cultural activity.

Lachin is a mountain city in southwestern Azerbaijan and the administrative centre of Lachin District, which was established in 1930. The city was known as Abdallar until 1923. Its mountainous geography has played an important role in shaping both its history and way of life. Lachin is steadily developing as a destination for cultural tourism, mountain recreation and international cultural events.

August 26 has a particular place in the city’s modern history. Lachin, together with the villages of Zabukh and Sus, came under Azerbaijani control on August 26, 2022, and the date is now marked as Lachin City Day. Since then, extensive reconstruction has transformed the city, while the return of former internally displaced residents has brought community life back to the region.

Nature is one of Lachin’s greatest attractions. The district is known for extensive forests, protected areas, rich flora and fauna, mineral springs and the rare red ironwood tree. The Hakari and Zabukh rivers meet near Zabukh, creating an especially scenic setting for visitors. The surrounding landscape offers opportunities for hiking, trekking, walking and camping, while the villages provide different ways to experience the mountain environment.

The cultural heritage of Lachin is equally varied. The district is home to ancient religious monuments, medieval cemeteries, burial mounds, caves and distinctive stone monuments. Among the best-known sites are the Aghoghlan monument, Damrovlu Pir Temple, Kar Kunbez Mausoleum and Ushag Castle. Medieval ram- and horse-shaped stones are another distinctive feature of the local historical landscape. The district also contains numerous other religious and archaeological sites that reflect different periods of settlement and cultural development.

Aghoghlan is particularly important within the region’s architectural heritage. Located beside the Aghoghlan River, the ancient monastery is regarded as one of the notable examples of Caucasian Albanian architecture in Azerbaijan. Built of basalt stone, it is distinguished by its stone columns, narrow windows and vaulted interior.

Lachin’s heritage is not confined to stone monuments. Traditional crafts are another important part of its cultural identity. The Gasimushaghi carpet is closely associated with the district and belongs to the wider Karabakh carpet-weaving tradition. Azerbaijan’s carpet weaving was inscribed on UNESCO’s Representative List of the Intangible Cultural Heritage of Humanity in 2010, recognising the importance of the craft and the knowledge passed from one generation to another.

The villages surrounding Lachin add another dimension to the cultural landscape. Zabukh, situated at the confluence of the Hakari and Zabukh rivers, is suited to hiking and offers visitors the possibility of experiencing village life. During the summer, local residents can offer their homes as guest accommodation. Husulu combines mountain scenery with trekking and camping opportunities and is known for the Hamza Sultan Palace.

Mirik is particularly interesting for travellers interested in geology and natural formations. The village has caves such as Garanlig Kaha, or Dark Cave, and Baygara, as well as waterfalls, volcanic rock formations and unusual cone-shaped rocks and stone columns. The Aghbulag, Peri Bulag and Chichek Bulag springs add to the area’s natural appeal and give it potential for wellness tourism.

Sus offers another mountain landscape, with green valleys and volcanic formations, while Beylik combines a quiet rural setting with opportunities for walking, hiking and camping. These villages make Lachin more than a city destination. Together, they form a broader travel experience in which nature, heritage and local life are closely connected.

Lachin’s cultural profile received international attention in 2025, when the city was designated the CIS Cultural Capital. The designation gave Lachin a year-long programme of cultural activities involving Azerbaijan and other CIS countries. The programme included exhibitions, performances, cultural meetings and culinary presentations.

One of the events held as part of the programme brought together confectioners from several CIS countries. Alongside traditional sweets, Azerbaijani national confectionery was presented together with the country’s tea culture. Such events gave Lachin a chance to present local traditions while placing them within a wider regional cultural setting.

Lachin City Day has also become an important public occasion. Cultural programmes and celebrations held around the Hakari River have brought residents and visitors together in one of the city’s most attractive natural settings. Such events are gradually giving the reconstructed city its own contemporary rhythm.

The region’s tourism infrastructure has developed at the same time. Lachin International Airport, inaugurated on May 28, 2025, is the third international airport built in Azerbaijan’s liberated territories. Built in difficult mountainous terrain, the airport provides a new gateway to Lachin and the surrounding districts and is expected to support tourism, business and wider economic activity.

Another important addition is the Lachin Recreation Complex in Zerti village. Opened in May 2025, the complex covers 11.2 hectares and has a built-up area of 42,000 square metres. It includes a 120-room hotel, eight cottages and accommodation for up to 324 guests. The complex also has a 500-seat event hall, a 340-seat banquet hall and a 100-seat conference room, making it suitable for cultural gatherings, conferences and other events as well as leisure travel.

Its recreational facilities include hiking and cycling routes, football and basketball pitches, bowling, billiards, karaoke, virtual-reality entertainment and a children’s centre. Restaurants and cafés offer Azerbaijani and international cuisine. The complex also has a local employment dimension, with many of its employees coming from Lachin, Kalbajar and other liberated territories.

Food offers another way to understand Lachin and the wider Eastern Zangazur region. Mountain cuisine makes extensive use of local herbs, dairy products, meat and seasonal ingredients. Dishes such as chashyr govurmasi, prepared with wild herbs, onions, butter and eggs, and chepish buglamasi, a slow-cooked goat dish, reflect the ingredients and traditions of mountain communities.

For visitors, regional food can be as revealing as a historic monument. It tells the story of what grows in the mountains, what local families have traditionally prepared and how food has been shaped by the landscape.

The city is also gaining new spaces dedicated to history and remembrance. The Occupation and Victory Museum Complex is planned on a 3.5-hectare site and includes museum buildings and a Memorial Park. The project envisages displaying surviving elements of destroyed historical and cultural monuments in an open-air setting, creating a place where the region’s recent history can be presented alongside its broader cultural heritage.

For travellers, Lachin can therefore be approached in several ways. It can be a destination for mountain walks and camping, a journey through Azerbaijan’s architectural and archaeological heritage, an opportunity to discover traditional cuisine and crafts, or part of a wider journey through Karabakh and Eastern Zangazur.

Travel access has also become easier for international visitors. Since July 23, 2025, foreign citizens have been permitted to visit Lachin and other liberated territories either by private vehicle or as part of organised groups, provided they obtain the necessary permission.

What makes Lachin particularly compelling is the way its different layers exist side by side. Ancient monuments rise from a landscape of forests and mountains. Village traditions continue alongside new tourism facilities. Regional cuisine is finding a place in modern hospitality, while festivals are giving the city an increasingly active cultural calendar.

Lachin is therefore becoming more than a reconstructed city. Its mountains, rivers, monuments, villages, crafts, cuisine and cultural events are forming the foundations of a distinctive tourism identity. Its appeal lies not in a single landmark, but in the experience created by all these elements together: a mountain landscape with a deep past, a strong cultural character and a city entering a new period of life.

Mugham art: Living tradition carried through centuries

There are sounds that belong to a particular place, and there are sounds that seem to belong to humanity itself. Azerbaijani mugham is one of them. Deeply rooted in the country’s history, it carries the emotions, memories and worldview of generations, passing from one voice to another without losing its character.

Mugham is more than a musical tradition in Azerbaijan. It is part of the country’s cultural memory. Its melodies can express joy without words, speak of sorrow without explaining it, and create a sense of longing, dignity and belonging through sound alone. For centuries, mugham has accompanied the lives of Azerbaijanis and remained closely connected with poetry, storytelling and traditional musical performance.

The art is built around several principal mugham modes, including Rast, Shur, Segah, Bayati-Shiraz, Chahargah, Shushtar and Humayun. Each has its own character and emotional colour. Yet mugham is not simply a collection of fixed melodies. Its beauty lies in interpretation. The performer follows a musical path while allowing room for feeling, improvisation and personal expression. No two performances need to sound exactly alike.

This freedom has helped mugham survive and develop across centuries. It has remained faithful to its roots while finding a place in new forms of music. One of the most important examples came from composer Uzeyir Hajibayli, whose “Leyli and Majnun” became the first mugham-based opera. Later, Fikrat Amirov brought mugham into the symphonic world with works such as “Shur” and “Kurd-Ovshari”.

Mugham has also influenced generations of Azerbaijani composers and musicians, from Niyazi and Gara Garayev to Arif Malikov and Frangiz Alizadeh. In the hands of Vagif Mustafazadeh, it entered a new musical world through his distinctive combination of mugham and jazz. His work showed that an ancient tradition could speak naturally through a modern musical language.

Its journey has never been limited to Azerbaijan. Mugham recordings were included in UNESCO’s “Anthology of Traditional Music of the World” in the 1970s. Azerbaijani mugham also reached an unexpected audience through Andrei Tarkovsky’s film “Stalker”. In 1977, a recording of Azerbaijani mugham was even sent into space by NASA as part of the Voyager Golden Record project, carrying a small piece of the country’s musical heritage beyond Earth.

International recognition followed. In 2008, Azerbaijani mugham was added to UNESCO’s Representative List of the Intangible Cultural Heritage of Humanity. The recognition reflected not only its artistic value, but also the importance of preserving a living tradition passed from masters to younger generations.

The revival of mugham in contemporary Azerbaijan has been supported by major cultural initiatives. The Heydar Aliyev Foundation has played a major role in promoting the art through international festivals, competitions, concerts, publications and educational projects. The “World of Mugham” International Music Festival, launched in 2009, has become an important meeting point for performers, researchers and lovers of traditional music from different countries.

Baku’s International Mugham Center has given this art another permanent home. Opened in 2008, the building itself reflects the musical tradition it represents, with its design inspired by the tar, one of the main instruments used in mugham performance. Concerts, festivals, masterclasses and research projects held at the center continue to introduce mugham to new audiences.

Perhaps the greatest strength of mugham is that it does not need translation. A listener may not understand every poetic reference or know the history behind a particular mode, yet the voice, the tar, the kamancha and the rhythm can still communicate something immediate and deeply human.

That is why mugham has endured. It has changed with its performers, entered concert halls and cinemas, travelled across borders and even reached outer space, but its heart has remained the same. It is the sound of a culture remembering itself – and finding new ways to be heard.

National weightlifting team claims multiple medals in Kosovo

Azerbaijani weightlifter Fakhraddin Allahverdiyev has won three silver medals at the 2026 EWF European Youth and U15 Championships in Prishtina, Kosovo.

Competing in the 85 kg category, Allahverdiyev lifted 122 kg in the snatch and 150 kg in the clean and jerk. He won silver in both events. His total of 272 kg also earned him a silver medal in the overall standings.

The European Weightlifting Federation’s official records list Allahverdiyev in the 85 kg category.

Azerbaijan finished the championships with 15 medals, including three gold, five silver and seven bronze.

The 2026 EWF European Youth and U15 Championships is organized by the European Weightlifting Federation.

The tournament features weightlifters from across Europe in the Youth and Under-15 age groups.

Weightlifting has a long history of success in Azerbaijan. Azerbaijani lifters have won medals at European and world championships, as well as the Olympic Games. The country has also produced European and world champions in different weight categories. The sport is overseen by the Azerbaijan Weightlifting Federation, which represents the country in international competitions.

The federation was established in the mid-20th century, during the Soviet era, when weightlifting was already a popular and highly competitive sport in the region. After Azerbaijan gained independence in 1991, the AWF was restructured to function as an independent national governing body. Since then, it has worked to rebuild and modernize the sport, aligning itself with international standards and organizations such as the International Weightlifting Federation.

The Azerbaijan Weightlifting Federation is currently headed by President Kamran Nabizade.

The main goals of the Azerbaijan Weightlifting Federation include developing weightlifting at both grassroots and elite levels, identifying and nurturing young talent, and improving the overall quality of coaching and training systems across the country.

Another key objective of the AWF is to achieve strong results on the international stage. Azerbaijani weightlifters have competed in major events such as European Championships, World Championships, and the Olympic Games, often achieving notable success.

International guests explore National Art Museum

Ren Quanxiu, head of the Lu Xun Academy of Fine Arts, one of China’s leading art academies, and Yuri Stanbek Shygaev, a People’s Artist of the Kyrgyz Republic, visited the Azerbaijan National Art Museum.

During their visit, they explored the museum’s permanent collections and temporary exhibitions.

The guests toured the museum’s main collections and exhibition projects, including “Treasury of Azerbaijani Art,” “Azerbaijani Painting and Graphics of the 1920s-1980s,” and “The Sixtiers: Azerbaijani Art Free from Conformism.”

They also viewed the international exhibition “Dialogue of Cultures: Kazakhstan – Azerbaijan,” which highlights the artistic ties between the two countries, as well as “Chronicle of the City of Winds: Baku in the Works of Artists of the 19th-21st Centuries,” an exhibition dedicated to the history and distinctive character of the Azerbaijani capital.

During the tour, particular attention was given to the stories behind the creation of the works on display. The guests explored how Baku’s architecture, everyday life and atmosphere have been reflected in the works of artists from different generations.

The museum’s extensive collection and diverse range of artistic styles attracted considerable professional interest from the visitors.

The Azerbaijan National Art Museum regularly hosts a wide range of cultural and scholarly events.

These events often bring together art historians, researchers, and curators to explore various aspects of national and international art history. They also provide a platform for presenting newly acquired artworks, discussing attribution studies, and highlighting the results of academic research.

Founded in 1937, the museum also offers art connoisseurs some of the finest examples of Western European decorative and applied arts. Its permanent exhibition features over 3,000 items displayed across 60 rooms, while approximately 12,000 additional works are preserved in its storage collections. Visitors can explore masterpieces by Italian, French, German, and Polish artists, among others.

Over the years, the museum has also successfully organized and hosted numerous high-level international exhibitions, presenting works by world-renowned artists. These initiatives have not only attracted art enthusiasts but have also played an important role in fostering cultural exchange between Azerbaijan and other countries.

Netanyahu confirms evacuation of UNRWA facilities

Israeli Prime Minister Benjamin Netanyahu announced on Tuesday that the country’s authorities started evacuating facilities of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) in Jerusalem.

“The State of Israel will not allow an organization whose employees were involved in terrorism and the October 7 massacre to operate in its territory and will act against it with all means,” Netanyahu stressed.

Moreover, Hamas condemned earlier today Israel’s raid on the UNRWA complex in the West Bank, which allegedly sheltered a “Hamas container.”

Lachin hosts Azerbaijan-Armenia energy cooperation talks

A meeting was held in Lachin on August 25 between representatives of Azerbaijan’s Ministry of Energy and Azerenerji OJSC, and representatives of Armenia’s Ministry of Territorial Administration and Infrastructure and the Electric Power System Operator company.

According to the Cabinet of Ministers, the sides discussed opportunities for the import and export of electricity between the two countries, as well as possible options for coordinating the energy infrastructure of the two countries at the state border for this purpose.

Strait of Hormuz tanker traffic falls to lowest level

As tensions between the United States and Iran have escalated again, the number of tankers passing through the Strait of Hormuz has fallen to its lowest level.

According to Belgium-based company Kpler, only two tankers passed through the strait on Monday, marking the lowest daily number of crossings since the conflict began.

The tensions between the United States and Iran, which have continued since February 28, are putting increasing pressure on maritime traffic in the Strait of Hormuz. With Iran refusing to allow vessels to pass through the strait, tanker traffic along one of the world’s most important energy routes has slowed significantly.

Several LNG carriers and crude oil tankers entered the Strait of Hormuz from the Gulf of Oman today.

Data from UK-based ship-tracking company Vortexa showed that daily oil transit through the Strait of Hormuz fell to 5 million barrels on the previous day. During the seven days through Sunday, the average was approximately 6-7 million barrels per day.

Before the conflict in the Middle East, roughly one-fifth of global crude oil and petroleum product supplies, as well as around one-fifth of global LNG supplies, passed through the Strait of Hormuz.

Heydar Aliyev Center illuminated in Ukrainian flag colors

The Heydar Aliyev Center in Baku was illuminated in the colors of the Ukrainian national flag.

Ukraine’s Ambassador to Azerbaijan, Yurii Husyev, shared information about the initiative on his social media account.

‘Baku is special tonight! Thank you, Azerbaijan!’ the ambassador wrote.

Ukraine celebrates its main national holiday, Independence Day, on August 24. The holiday commemorates the adoption by the Verkhovna Rada, Ukraine’s parliament, of the Act of Declaration of Independence of Ukraine on August 24, 1991.

The declaration was subsequently endorsed in a nationwide referendum held on December 1, 1991. The vote formally confirmed Ukraine’s independence and the restoration of its sovereignty as an independent state following the dissolution of the Soviet Union.

Azerbaijan boosts investment appeal with new fast-track mechanism

A favorable investment environment has been established in Azerbaijan, supported by political and economic stability, successful reforms, a strong legislative framework and other factors that contribute to the country’s growing investment appeal. Industrial zones operating across the country have created favorable and sustainable conditions for the development of highly competitive industrial production.

As part of these efforts, residents of industrial zones are able to operate in areas fully equipped by the state with essential engineering and communications infrastructure, including electricity, natural gas, water, roads, telecommunications and other services.

Residents of industrial parks also benefit from extensive tax and customs incentives. Companies are exempt from profit, property and land taxes for 10 years from the date of registration. In addition, machinery, technological equipment and installations imported for production purposes are exempt from value-added tax and customs duties for 10 years.

These and other incentives are helping maintain a steady flow of investment into Azerbaijan. According to the State Statistical Committee, investment in the country’s non-oil and gas sector increased by 1.9% in real terms in January-July compared with the same period last year, reaching 7.4033 billion manats (4.355 billion dollars).

Alongside attracting greater investment, Azerbaijan is placing particular emphasis on improving the selection and prioritization of investment projects and speeding up their implementation. This need has led to the creation of a new institutional mechanism within the country’s investment policy.

Under an order issued by the Cabinet of Ministers on June 1, 2026, a Commission was established to ensure the accelerated implementation of strategic investment projects of particular importance to the national economy. The commission is also tasked with introducing a unified approach to project planning and implementation and strengthening coordination between government institutions.

The initial list of strategic investment projects will be determined by the Ministry of Economy. A list of potential investment projects will then be submitted to the Commission for consideration.

The Commission will select and evaluate strategic investment projects under a “fast-track” mechanism, based on objective analytical criteria. The mechanism is expected to reduce the implementation period for major investment projects by approximately 30-40%.

The main purpose of the new mechanism is to ensure that strategically important investment projects are implemented through a more coordinated and unified approach. Large-scale investment projects typically involve a wide range of issues, requiring prompt and coordinated decisions related to land, infrastructure, energy supply, construction, environmental protection, customs, taxation, transportation and other areas.

For this reason, the inclusion of government institutions responsible for the economy, finance, energy, ecology, justice, labor, emergency situations, agriculture, digital development and transport, customs, urban planning and other fields in the Commission is particularly important.

Overall, the fast-track mechanism for strategic investment projects is expected to increase the efficiency and speed of project implementation. Combined with existing tax, customs and infrastructure incentives, the new approach is aimed at further strengthening Azerbaijan’s investment environment and supporting the development of large-scale projects in the country.