Ali Abbasov Pleased with Level of Exchange of Experience in ICT with Israel
Relations between Azerbaijan and Israel in the field of ICT can be called exemplary. The Minister of Communications and Information Technologies Ali Abbasov met with the Israeli Ambassador Michael Lavon-Lotem completing his mission in Azerbaijan, the Israeli investment in the sphere of information and communication technologies has been fruitful for Azerbaijan. Specialists from the friendly country share their experience with local counterparts, because in Israel there is a strong bank of IT-world-class specialists.
The Ambassador invited the Azerbaijani Minister to participate in the international exhibition and conference on cyber crime, which will be held in Israel in November.
Almost at the same time Baku is to host the exhibition BakuTel (6-9 November) and within the forum to discuss issues of Internet Governance (IGF-Internet Governance Forum) - IGF-2012, which will be invited by the Minister of Communications of Israel. - 17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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