Association of Packaging Industry Established
The Association of the Packaging Industry of Azerbaijan was established in Baku today, the press service of the Ministry of Economy reports.
The Association was established with the assistance of the Ministry of Economy and the National Confederation of Entrepreneurs' Organizations. The founder of LLC Cartonpack was elected the Chairman of the Board of the Association.
Entrepreneurs in Azerbaijan are united in their professional activities not on their own initiative, but on instructions from the top. According to this principle, associations of beekeepers, manufacturers and exporters of building materials, hazelnuts, pomegranates, wine, vegetables and fruits were established before that. --08D--
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- Economics
- 17 March 2017 15:47
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- Markets Review
- 17 March 2017 16:51
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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