The Reality and Prospects of Economic Development of the South Caucasus Region: New Approaches to the Influence of Internal and External Economic Factors

Abstract

In general, the most favorable position in the Caucasus in terms of territory belongs to the South Caucasus. It is necessary not only to analyze but also to generalize the geoeconomic realities of the South Caucasus region, which increase its importance and affect the system of international economic relations. First of all, it should be noted that the location of water bodies such as the Caspian and Black Seas, surrounded by countries such as Russia, Iran, and Turkey, has turned the South Caucasus region into an East-West and North-South corridor. These factors show that the Caucasus, especially the South Caucasus, occupies an important position in the geo-economic region of the world. In recent years, it is clear that international organizations and the world’s economic powers attach great importance to the region. It is no coincidence that the South Caucasus and Central Asia have led to sustainable development and security from the Mediterranean to China, as well as sustainable development and the export of Caspian oil and gas with the participation of world-renowned companies to the European market.