BAKU: Azerbaijan's banking sector has serious growth potential, Director at Barings Lemer Salah said at the "Web 3 driving change in fixed income" panel within the Chain Reaction 2024 forum in Baku today, Trend reports. "Azerbaijan's economy currently shows enough stable indicators. This provides the country with the opportunity to effectively leverage its strong financial position, both at the state and banking sector levels, to attract more foreign direct investment (FDI). Compared to emerging markets in Asia, Latin America, and the Middle East, Azerbaijan has tremendous banking sector growth potential. A strong economy, stable revenues, and centralized management create excellent conditions for further development. One of the key steps in this process should be attracting more FDI through bond issuance, which will not only strengthen the banking sector but also foster its further growth. Additionally, the country has opportunities to 'leap' into new segments of the economy, such as blockchain and other modern technologies. This step will allow Azerbaijan to create a new capital market and accelerate economic development," he said. He also noted that Azerbaijan's rating is through the roof compared to that of several countries. "The nation's credit rating is at BB+, making it an issuer of high-yield bonds. However, this rating is higher than that of Trkiye and most countries in Latin America and Asia. This creates favorable conditions for diversifying the country's economy and transitioning from dependence on oil and gas revenues to developing new sectors," he added. To note, the kick-off of the Chain Reaction 2024 forum is taking place in Baku. The crux of the event revolves around blockchain, Web3, artificial intelligence, and digital assets. The first day will feature the following panels: "Diving into the digital and metaverse economy", "Crypto leading innovation in digital finance", "Crypto Capital: How Switzerland is transforming into Europe's digital asset leader?", "Blockchain utility: Where do governments and enterprises see value in the technology", "Creating an integrated innovation ecosystem", "Leveraging AI to enhance organisational productivity," "State of the crypto market; What is the driving factor?" as well as presentations themed "How banks are transitioning from Web 2 to Web 3" and "Web 3 driving change in fixed income". The forum will run for two days. Source: Trend News Agency