With competing interests from the West to the East, the balance of influence and power in the Caucasus and Central Asia is being redrawn. Ambitious infrastructure plans and emerging trade corridors intersect, with heightened competition over resources.
How can the region make the most of these expanding routes and strengthen its role within them?
Simultaneous interpretation in English and Armenian
Leaders from Armenia and Azerbaijan framed their newly initialed peace agreement as a strategic reset that unlocks trade, investment, and regional relevance amid a fragmenting global order. President Ilham Aliyev called the deal “a historical achievement,” arguing that rapid reconciliation after the 2023 clash proved “if you have a strong political will… you can reconcile in a relatively short period of time.” President Vahagn Khachaturyan stressed the discipline of forward-looking leadership: “If we try to look backwards… that will deprive us of the opportunity that we have received,” while emphasizing concrete principles—sovereignty, territorial integrity, and reopened borders.
The panel contrasted regional cooperation with weakening multilateral systems. Serbia’s President Aleksandar Vučić warned that “there has never been less peace, stability and tranquility in the world,” urging smaller states to “protect our sovereignty… wanting, of course, to cooperate with everybody.” Aliyev echoed skepticism toward international institutions—“we stopped believing in someone who will come and fix things for us”—but argued countries can succeed with clear strategy and diversified partnerships.
Business leader Ebru Özdemir underscored the investment logic: “Investments can only start when there is peace and long-term stability,” pointing to transport, energy, and digital corridors that create shared stakes and make peace harder to reverse. Across speakers, connectivity—Middle Corridor routes, logistics hubs, energy and data links—emerged as the region’s economic identity and leverage point.
Welcome to the World Economic Forum 2026 and to this session, defining Eurasia's economic identity with competing interests from the West to the East and the balance of influence and power in the Caucasus and Central Asia is being redrawn as we speak. Ambitious infrastructure plans and emerging trade corridors intersect with heightened competition over resources. How can the region make the most of these expanding routes and strengthen its role within them? This is what we are going to discuss today at the session, and it is my greatest honor to introduce the speakers of this session. Ilham Aliyev, president of the Republic of Azerbaijan. Aleksandar Vucic, President of Serbia. Ebru Özdemir, chairperson of the board Limak holding Turkey. Community of chairpersons. Thank you for being here. And Khachaturian, president of the Republic of Armenia. Thank you for being here. We are providing the translation from Armenian and back to Armenian. So you have the headset available for everybody in this room, and we're going to be able to provide that for I'm going to take this moment. To take. Yeah. To take that. My name is Sasha Akulina. I'm Euronews EU correspondent. It's my great honor to be moderating this session at web today and to be with you. I'm going to be starting slowly, and I'm going to just go into the beginning of this session, if I may, to open it and, you know, to get into it. Azerbaijan and Armenia worked out a historic peace deal. After decades of tragedies changing the course of the future for the two countries, but also for the whole region, just as we now witnessed the fast changing global order. Given how much effort it has taken to close the painful chapter, I would like to ask President and President Turan, how do you look in the future? Now, what does the future hold now, both of you being here together at this session is already a great message in itself.
Yes, you're absolutely right. It was a historical achievement last August when the two countries initialed peace agreement, thus putting an end to three decades plus of war and bloodshed. The uniqueness of this peace deal is that it was signed less than in two years after the last bloody clash. So it demonstrates that if you have a strong political will from both sides and commitment to peace, then you can reconcile, in a relatively short period of time. What has been signed today is, transforming into the practical results. Not only we live in peace for five six months only, and we enjoy this situation. Neither Armenia nor Azerbaijan as independent countries ever lived in peace. When we became independent in 1991, we were already at, military standoff. But today the benefits of peace are reflected into beginning of cooperation. First, cargo from Azerbaijan of critical products. Oil products are being transported to Armenia. And in itself it brings the prices down. So it was absolutely unimaginable maybe 2 or 3 years before. But today it is a reality. And, I think nothing can interfere into this process. What we need to do more, I think both sides, is to demonstrate the results of living in peace so that we can also witness, the full support of our societies to this process. But, I'm very optimistic, because really, what has been achieved is a tremendous, benefit to Armenia, to Azerbaijan, to southern Caucasus. And it sets an example of how the countries which were in very deep, hostile terms, now transform into phase of cooperation.
Thank you, Mr. President. The same question to you, please. How do you see it? What how do you look in the future now, with this whole new era opening, what does the future hold for Armenia?
Thank you very much. It's.
Allow me to continue the thought of line of President Aliyev that the future depends on us. The future depends on the leaders of our two countries. And the leaders of our two countries have already demonstrated their willingness. And as Mr. Aliyev just mentioned, we have demonstrated political will, political courage, that for peace, action can be taken, action can that can confirm the peace, something that we had not seen for more than 30 years. Suddenly now we are living in that situation and therefore it was unbelievable. Two years ago, one year ago, it was unbelievable that we could achieve such a situation. Whereas now we and the Republic of Armenia is able to receive cargo from Azerbaijan via the territory of Georgia, I'm sure will be able one day to receive this cargo directly through our own territories. Baku, Azerbaijan. Armenia, Nakhichevan, Armenia directly we can have transportation, I am sure, and will be able to overcome the problems that were created in the 90s. But what is very important is that we are both looking forward if we try to look backwards, if we try to look for reasons what happened and why it happened, that will deprive us of the opportunity that we have received. The willingness and readiness from the government of the of Azerbaijan. Mr. Aliyev, we appreciate it. We can see it. It was today or yesterday that Mr. Aliyev mentioned that we need to learn to live in peace. I can reassure you, it's not a new it's not a usual situation for us. Before we would before signing these documents, we would wake up and try to find out what's happening on the border. Shootings that funded stress for us. Now, please be reassured we are forgetting this now. We are more living in times where we need to implement projects and we will succeed. We will succeed because our agreements are very concrete. The principles are very concrete. We do respect each other's territorial integrity, sovereignty and the jurisdiction will be guided by those principles, will open borders. And I'm sure that after some years, not only at the highest political level, will have such meetings, but also it will become business as usual when our citizens from Armenia and Azerbaijan will cross the border, will do business with each other, will make use of the benefits of each other, and therefore, as a result of this, cooperation will become a very conducive region as the South Caucasus for the entire world. The discussions that we are now having about connectivity between Europe and Asia, the best way to this is South Caucasus. This process will succeed because there is a economic interest as well. Not only political. Political is very important, but also economic. And this will enhance and strengthen the agreements that we have achieved on. And I do want to thank the leadership of Azerbaijan, Mr. Aliyev. I do have the right also to say thank you to our Prime Minister as well, because our head of state is the Prime Minister. I want to thank both for the political will and the aim of it was one. It can be very well seen now. The aim was peace. Excuse me for my interpretations. It was not to stay on power. It was to live in peace. Because for many years, for different political reasons, it was delayed. The process was delayed 30 years negotiations and no result. But suddenly, when the heads of states of two countries agree over the principles, general principles, we can succeed. Indeed, I have also to mention about the role of Mr. Trump, the president of the United States, who also was able to take the responsibility and was able to, on the 8th of August, arrange the signing of this historic document.
President, President Vucic, I would like to ask you, how do you see the role of Serbia as somehow this important bridge, for Eurasia Bridge between Europe and Asia? When it comes to redefining and defining this economic identity for the region?
Actually, we are witnessing huge changes in today's world. And as a matter of fact, I'm surprised with such a big interest for this panel today, to tell you the truth, because everybody is speaking only about tomorrow's President Trump's appearance and analyzing today's appearances of Ursula von der Leyen and President Macron. I believe that the role of our country is, will become even. We all know that we belong to small countries, relatively small nations. Speaking about size and numbers, not about our pride and dignity, but, I believe that we'll have bigger importance in the future. And I'll tell you why. From Armenia, let's say 3 million, 7 million Serbia, 10 million Azerbaijan, we'll have to. We'll have to get along with each other. We'll have to cooperate. We'll have to do things together. Because in today's world, where are where we are facing no rules, no regulations, where big fish eat smaller fishes and they are saying it, they are not even wrapping it in anything. They just do it. And they're saying doing it bluntly and Not observing and not in accordance with UN charter and UN resolutions. We'll have to take care of ourselves. And now you have two different schools. One is either to belong to those big, newly defined empires in different hemispheres, either to still protect your sovereignty and independence. And knowing Azerbaijanis people, Armenian people and Serbian people. I know that will pick the option number two, which means that we'll protect our countries, our nations, our sovereignty and our independence, wanting, of course, to cooperate with everybody. But at the end, we'll have to keep our national interests and to and our statecraft as well. And, answering your question, I mean, dear Sasha, that of an utmost importance is to work together to bound our faith even more than it has ever been case in the past that we should work together on AI innovations, defense sector. And we should have even more often political consultations on different issues. I can say that we consider both countries as a friendly countries. Not only that, I consider President Khachaturian. I don't know him personally that well as I do President Aliyev and I consider him as a personal friend as well. And, I hope that we'll be able to build this kind of relationship with all the others. But when we are together, you know, we are much stronger. And, Caucasus countries are they became like a key intermediary, but also the meeting points between Europe and Asia. And as a matter of fact, we are all three members of EPC European Political community. We are on EU path a bit more advanced than some Caucasus countries. But, you know, we are pretty much in the same situation and we'll have to have the same path. And, I believe that our collaboration and our cooperation, because we are facing a lot of disruptions, economic disruptions from pandemic, inflation, Chain supplies. Then, tariffs, sanctions, whatever you can imagine. And this is why we need to bound ourselves to connect ourselves. Speaking about road infrastructure, railway infrastructures, digital digital economy. And also, I think that speaking about innovations, IT sector and AI at the end is something that will create stronger bonds between us than everything before that. And I believe in our true friendship, but also in our big interests to bounding and to connecting us much stronger and dare to say much faster in the future.
Thank you. President. Ebru Özdemir, we touched the presidents, touched upon a little bit the investment side and the business side of it. And it would be great to hear, please, from your take, what's your view regarding the policies and probably the the strategies needed to strengthen Eurasia's competitiveness as well as ultimately also the integration in the global picture and the global trade.
Thank you very much. And I'm here not only as the chair of Limak, but I have two more hats. One is the I'm the chair of the governors of the Building Environment and Infrastructure Committee in World Economic Forum, where we have many infrastructure and contractor investors and also builders. And also I'm a representative of Turkey. So, you know, being in this forum, I think I have to say a couple of things about that relationship as well. And I think the investments can only start when there is peace and long term stability. I mean, if there's no stability, nobody wants to invest. So hearing the leaders here, and I'm very happy to be among these very strong leaders, that the peace and prosperity going to be long term, it means investors can come. And I've seen the trip agreement. It's very well defined. And it's the first start of, I think the major investments can start from that agreement because currently there is cars Tbilisi project already, Baku project. And I think with the middle corridor then we can add more to this. So what I'm saying is the infrastructure is not only the roads, it's not only the railroads, it's the digital infrastructure, it's the energy infrastructure as well. And also it brings out many more infrastructures. I mean, the dry ports, the logistical hubs and the people. I mean, people start to come and live around it. So there is a big opportunity here. And seeing all the leaders are, you know, positive on that. I think the first probably investment is going to take will be the peace, because now we are building a lot of things around the world with public private partnerships. And in this regard, I'm sure that there's the probably the Ifis will take the lead. You know, the IFC's and European investment banks DFC from us because there's a big US angle here. And then the private investors will come on board. I mean, seeing this here, I think it's very positive because, you know, we are talking a lot about geo economical risks, geopolitical risks. But I'm very happy to be a part of this panel where there is a big positivity that's coming towards, you know, this cooperation in our region where I think there's a very big cooperation possibilities.
If I may intervene. Regarding some good words said by Madam Özdemir, if I pronounce that well, We are speaking about peace, stability, tranquility. There has never been less peace, stability and tranquility in the world. Last year was the worst year after the Second World War, with number of wars that were launched by different countries or within the countries. And this year is going to be worse than last year, and next year is going to be worse than this year. And everybody's speaking about peace, accusing someone else for not observing something, not paying respect to someone. But at the end, everybody is taking care of its own national interests. Nobody cares about multilateralism. And this is the biggest mistake that all of us made in the past. And now no one can correct it. If you expect that President Trump tomorrow will say, okay, I fully align with the words of Ursula von der Leyen, that is not going to happen. That is not going to happen at all. And everybody knows it. Everybody knows it in advance. And then what would be the consequences for all the others? There are people that might say even in our countries, in Yerevan, Baku, Belgrade, they might say, okay, it's somewhere away from us, but there is a spillover effect and we are all going to face the consequences. And that's why I was speaking about creating better bonds between us in order to make these shocks relatively smaller to our economies and to our politics as well. And I'm not optimistic at all. The world of we have just entered a world of volatility and uncertainty, and I'm not sure that we'll be able to overcome it in the years to come. Sorry that I was saying this just because I saw this is my 12th time, 12th time in Davos. I'm a veteran here. There are no people here around us that were present here for so many times. I have never seen so many people to tell you the truth. And people. Are not applauding to anyone. People here are because they are concerned about their future. Company representatives, state leaders, prime ministers, members of governments, whoever and nobody's jubilant. Nobody is not laughing. Nobody is smiling because people don't know what tomorrow will bring to our countries. And of course, that we do worry a lot. But connecting us, bounding us, this is a solution for us at least. We cannot diminish. But we can decrease the pressure on our country and we can find some good solutions as a common denominator for all our smaller countries in Europe, Asia region. Sorry that I.
I would actually I would like to pick up on that.
And I would specifically want to also to pick up on you said nobody cares about multilateralism and it's all about the national.
Interests. Speaking about it.
Yes. And I would like to I would like to address that to President Aliyev, please. What's your take? How do you then see this solution as president, which you just said regarding how do you survive and how do you try to soften the stress of the current shocks in the world, where the current shape and phase of multilateralism is not just changing, but it's not working that well?
I think that everything is in our hands. It depends on your agenda. It depends on your vision, on your strategic vision for the future. Coming back to, peace with Armenia and prior to that 30 years of conflict, we really had a very difficult times as a country, as a nation, losing territories, million people homeless and, internally displaced. But we did not lose hope. We did not, lose, our courage to try to restore justice, international law and our sovereignty. It took us 30 years international, institutions at that time. I mean, 30 years ago, 20 years ago, ten years ago. And now they behavior didn't change. We have changed. We stopped believing in someone who will come and fix things for us. All our hopes for international mediation totally collapsed. United Nations Security Council, the highest international body, adopted four resolutions demanding withdrawal of Armenian troops from our territory. They were, on paper or another. International institutions adopted numerous resolutions. All of them did not materialize until we took situation into our hands. And we did it. We restored justice, international law, our sovereignty, territorial integrity. And then we achieved peace. And then we stopped. And for a leader of the country, which suffered for 30 years to stop at the right time, is a very responsible and very important decision. We could have continued. I want to be very open with you and with the audience, but that would lead to endless wars that would lead to more sufferings, more victims. Then war would never end and someone should have stopped it. And we decided to stop it. And, yes, it was a joint decision by Armenian and Azerbaijani leadership to close that chapter and to see the opportunities for peace. And we as I said, I think with the record speed from war, from serious military clash of September 2023, we came to August 2025 when Prime Minister of Armenia and myself, signed the declaration and the peace deal was initialed in front of President Trump. And President Trump signed the declaration as a witness. And as I said, we, put an end to this war in the office, number one of the world. We should not rely on international institutions. I agree with, Alexander, that today this situation maybe is more severe than ever before, but I do not share his, certain pessimism. Because if you take situation under control, if you, are dedicated to your national interests and to the future of the nation you are leading, then you can achieve success. But with respect to the issues of multilateralism, unilateralism, protectionism, we see that everything is crumbling. World Trade Organization is crumbling. By the way, Azerbaijan did not join WTO, although we've been invited for 30 years just because we want to have economic sovereignty, we want to have political sovereignty. At the same time, having good relations with numerous interlocutors. Look, we have strategic partnership document signed with ten members of European Union Comprehensive Strategic Partnership Agreement, signed with China Strategic Partnership Charter is being discussed with United States. And all this is possible. It does not contradict one another. When you have a clear vision for your country, for your future, when you have power, when you have consolidated society, and when you do what is right, regardless of who says what and who will, publish some articles about you and what you are doing. So, I'm more optimistic, especially in our case with Armenia. Probably it's one of the unique cases when we have real peace after three decades of war and bloodshed.
And is there is this peace, which of course, enables all the the rest of economic cooperation and prosperity? President, what do you what's your take on this when it comes to this new approach, as we've heard now from President Vucic and also President Aliyev, switching the switching the approach and changing from multilateralism, but more into caring more for your sovereignty interests and in this case, going into country with country.
Thank you. Thank you indeed. I want to say that we managed to achieve the peace document because the two political leaders of the two countries were ready to do this. This helped for the resolution of the issue. Otherwise, I do have to agree with Mr. Aliyev that it would have continued forever. It would have continued forever with a future that promises nothing. Until now. I cannot understand or accept the political approach that leads to wars and human losses. The biggest losses we had since 1988. That's the human losses. We can never recover these losses. Therefore, we can work hard with our abilities and capabilities. We can recover and rehabilitate the material losses, but not the human losses. Therefore, the role of the political leaders is very important for peaceful resolution of the issues. It depends on your courage, on the courage of the leaders, on the ability to put aside the temporary issues and look forward to the strategic points. This will condition the success of the countries. Thank God the leaders of our two countries chose this path the future, the peace of our countries and the well-being of the people. This stands up and higher than anything else. These are not just words. And one of the politicians who has always spoken about peace. In my political activities, I've always tried to be useful for peace because I understand one thing clearly. If you have neighbors, only live in peace with your neighbors, including in your daily life. There's no other way. Other way means arguing, fighting, disputes, loss of time. I am therefore optimistic that we will indeed succeed. We will indeed also have joint economic and cultural projects. We will indeed have, and we already have the precedence when the members of the civil society of our two countries meet business circles. Next will meet in Yerevan. People can already buy Azerbaijani fuel for their cars. Years ago, if you would speak about this, there would have been hostile reaction to this. But this is the new reality we live in. And therefore, as for the problems of the world, there is a lot of volatility in the world. After Covid, a lot of things have changed and the political map of the world is changing a lot, and the management methods are changing a lot. And therefore, especially in this situation, the small countries face challenges. But I do not want to underestimate them. Being small may also be a advantage. It allows us to act and take decisions independently ourselves and implement them independently ourselves. You may surprise, be surprised and asked what about the big countries? Big countries have big problems. We have our countries, our interests, our actions to be taken for our interests. I do not recommend to anyone, especially if no one asks. I'm only giving an opinion saying that if a country has a strategy, has a clear position about its own future and the mechanisms for those actions of implementation, indeed, we will be able to overcome this difficult situations. I don't want to underestimate the problems we have. I just don't also want to make them overexaggerated. I don't want to pretend that it's unresolvable. I don't want to pretend that the world is turning round. No, the world has seen even worse situations, even more losses. The world has been able to overcome even the worst. And for example, European Union is an outcome of the World War Two of the World War two. The agreement was signed about the establishment and formation of the European Union, which means that there are no no enemies forever. There are there are interests that what they say in politics. But these interests have to do with the economic development of our countries, with our well-being, with friendly and peaceful and good relations with our neighbors. Same goes about Turkey. The issues. If we try to look for them, we'll find them, but there's no need to look for them. We have a neighbor as turkey. We need to be neighbors with them. We need to open the borders. Same with Iran, same with Georgia. I'm just bringing example about Armenia. There are different approaches. There are different assessments about these events and developments in all these countries. But in the end of the day, we also have the interest of the Republic of Armenia that aligns with the principle of peace and friendly relations with neighbors and to be useful to each other, which is a mutual interest. Thank you.
Would you comment on that as well? And I would like to add very quickly for you as well. Is that the is that the solution as well? Is that a better approach, following everything that the president just said, that not going into the blocks, not going into the bigger alliances, but going into, you know, taking care of national interests, economic interests as well, not just political and going into other bilateral dynamic there.
I'm going to speak about the region because this region has developed less and it deserves much more. I mean, we could have done much more in this region. And, you know, from if I speak from the turkey's perspective, I know our our President Erdogan is supporting this. And, you know, we have to do this together so that the stakes of all the countries or and the investments of all the countries go together, that we will not be able to lose it, because if we can create a big silo of a business and where everybody has stakes in it, then it will be very hard to break this peace. So I think from the business wise and from the investment wise, we have to develop these corridors, the digitals, the transportations and so forth, so that we'll be able to bring all these, all these things that we are producing from Turkey and towards Europe. I mean, at this moment I'm very optimistic because there's so much being done between Armenia and Azerbaijan, and Turkey will be an accelerator and a guarantor of this. And then hopefully our border will be opened. We have a very long term relationship with Azerbaijan. I mean, there are brothers, there's Georgia here. And I think this time we have to and at this panel as well, we have to think and invest more regionally. I mean, what we can do and what we haven't done before and what can we do better? Because I see that there's peace and there's stability. Why not? Investments should be there. And Turkey and by the way, is a bigger if you call it. I mean, we are not small, but we are kind of big country and we are I mean, we are behind this with, you know, our president says the same thing. And the Turkish business community, I can assure that we will be behind this partnership and in this investments.
It's a very interesting dynamic. As the Eurasian region and as the countries that you representing here are strengthening the cooperation between each other for the region, as you said, the global geopolitical sort of picture and the landscape looks completely different. There is no strengthening. There's rather cracking and shaking. And I would like to get that as a closing remarks for all of you speakers, please. How do you see with this this challenging and shaking and rather fragile global landscape? How do you see then, the place of Eurasia in that picture? President Aliyev.
Well, Eurasia is a very big geographical environment. What we are thinking about is, of course, our region and our immediate neighborhood. And I am very glad that during the years of independence, we managed to establish a very close working relations with all our neighbors, of course, except Armenia, due to the reason we all know. But now, after a piece de facto is established and we started also, economic cooperation, export operations, Azerbaijan lifted all the restrictions on transportation of cargoes to Armenia, from Kazakhstan, from Russia. And now we got a request from Armenian side to provide transit from Armenia to Russia. So we de facto, unilaterally opened the corridors. Yes. The transportation goes through Georgia. But one day it will go through Armenia. One day Armenia will go directly through Azerbaijan. And that day is not too far away. We, established, very close alliance relationship with Turkey, which is a brotherly country. And we have a huge investments in Turkey. Our investments in Turkey are more than 20 billion USD. We are one of the biggest investors, in Georgia with Trip and connectivity Project, which United States now is supervising. We will establish a new transportation corridor stretching from Asia across the Caspian through Azerbaijan, Armenia, part of Azerbaijan, which is Nakhchivan, Turkey, and further down to Europe. In addition to the existing corridors through Georgia. So the more routes, the better for consumers, for suppliers, for transit countries. So we as a country, we always concentrate on our regional agenda. And if we, cannot achieve what we want in the region, we cannot have any aspirations for any kind of global event. But today, especially after, parallel tracks of Armenia, Azerbaijan and Turkish Armenian rapprochement, which go in parallel and definitely will end in parallel by establishment of diplomatic relations between Turkey and Armenia, Azerbaijan and Armenia. At the same time, we are changing the broad geographical area, part of Eurasia, which is very important for connectivity, for energy security, for peace, for stability, and which sets the example of how long lasting wars and conflicts can transform into partnership and cooperation.
President, would you take and comment with your closing remarks on that, please?
It's difficult to add anything to the words that Mr. Aliyev just mentioned, because I have to repeat the same thing, because that aligns with our imagination, that aligns with our moods. Moreover, in this changing world, very important is both the middle corridors rule, the South Caucasus rule, the new logistic opportunities are becoming more and more important. And in this regard, our region is becoming more and more important for the European Union, for the European countries, but also for the Far East, etc., etc.. There are a lot of parallels happening in the Central Asia capability building. Central Asia is being also intensively putting in use its capacity. Azerbaijan for many years have been has been providing transit opportunities. Armenia will soon get this opportunities. These are all alternatives that will allow people businesses to choose from what is more beneficial for them. But when we look at such opportunities, we always look at transport, railroad vehicle. But that's not the that's not the only thing. This is also energy. This is also the new technologies. This is also cable. This is also internet. This is also service provision across borders because the entire world is changing. The content of economy is changing. And therefore when we look at maps, when we look the maps, the most convenient road has always been via and through our region. That has been the Silk Road, one of the Silk Roads, one of the most efficient and effective roads. That has worked out well. For some reason it has been terminated or not used in the past 30 years or after 91 it was not used. But still, I have to repeat and reassure that here I do see the basis to be optimistic for the future, because most importantly, there is the political will and the political decision, and therefore we have to make sure it continues. We have to make sure we establish diplomatic relations with Azerbaijan, diplomatic relations with Turkey. Those will be most conducive factors. And of course, we have to also ensure that between our citizens, between our nations, they also get engaged. They also participate in this process. This is a process of work that demands time. If the president, the Prime minister, in a very short period of time in only two years, managed to agree about the main principles. The same to expect from the society so fast will be naive, because they have to be able to overcome the issues that for one reason or another, are out there. So I do hope that both countries, Armenia and Azerbaijan, will do and will continue to work in this regard in order for our citizens, in order for our society to be more engaged in this process, to participate more in these processes, in the lasting peace that we have initiated. It's not a temporary peace. Mr. Aliyev also confirmed. It's a lasting peace.
With your closing thoughts.
Thank you very much. I learned a lot about the situation in southern Caucasus today and very happy for my friends. And yes, it's very easy to say that we're gonna increase the level of our cooperation. Happy to say that we are about to finish agreement on gas fired power plant in Azerbaijan's investment, together with Serbian state. Around 600 million it would be. And at the same time, we are about to establish direct flight between Belgrade and Baku. We have already done that with, Tbilisi, and hopefully we'll do that with Yerevan as well. It means that Serbia is trying to lean itself and trying to rely itself furthermore, not only to the west, but to the east and to the friends that we can always count on. I just partly disagree with the great leader Il-khan Aliyev on something. He's one of the most capable leaders and sovereign leaders, which is a very rare case. But, the spillover effect will harm us a lot. I'll tell you why. More than Azerbaijan, of course, because we have a lot of German companies, French companies, Italian companies that are producing spare parts if they will face bigger tariffs from the United States of America, which is the main market for those companies, it will mean that we'll have to shut down our factories, our plants in Serbia. And at the same time, there is a political issue. I see that we are coming to an end of a session. Everybody used to have its own Pandora's box. Now everybody is speaking about new Pandora's box. The real Pandora's box was open on Kosovo issue when many countries in the world, Western world, world in particular, recognized and acknowledged and independence of Kosovo, saying, well, this was because of humanitarian disaster that was caused by alleged Serbian authorities action in Kosovo. And at the end, you can see the same arguments are used by all the others that are doing against the other countries. But everybody is forgetting when it started and now I'm afraid, and why I'm saying that I'm not that optimistic, is the fact that we are having more regional and local wars than ever. You have no certainty, certainty, even in a Gulf region, is it not? Not used to be the case until the last few months, and also need to say that, this divorce between us and Europe is not going to be just a temporary issue. It's going to last for quite a more time. And, at the end, we'll all have to pay the price, whether we'll be able to take care of ourselves. I hope that we'll be able to do it better than some others. But are we going to be hit? No doubt that we are going to be hit, but with the support and with.
The help with the assistance of such a good friends like Armenia and Azerbaijan, and hopefully Turkey as well will be able to overcome all these difficulties.
Thank you. You've been the voice of optimism in this session. That's your closing. Yes.
I'm an optimist because as business leaders, we have to be optimists. And seeing these, you know, the peace, environment and stability in our region, we will build on it. I mean, what we will do is as as the builders and contractors and investors, we are very happy to be building on this peace and long term stability.
Without peace.
It is impossible.
Yes, exactly.
So all of us need a peace.
Thanks for so much to the speakers. Unfortunately, I wish we had more time. Thank you very much for participating. Thank you for being here and thank you for watching this live. Goodbye.
Thank you. Thank you.
Thanks.