Another Step Towards Entrepreneurs
Licensing of local hotels and hotel-type facilities will be facilitated for the benefit of entrepreneurs.
A department head of the Ministry of Culture and Tourism Habil Abbasov told the media during the presentation of electronic licensing that payment will also be in the on-line mode.
Users of the system after the registration will have access to all the windows of the virtual resource. "Stars" of hotels will be transparent, and also in an electronic format, Abbasov said.
According to the expectations of the Government, at the beginning of the next quarter, the first tourist facilities will receive e-licenses. -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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