At Board Meeting of Ministry of Communications on Results of January-September
In January-September, the sector of information and communication technologies of Azerbaijan was invested 209.8 million manats, of which 61.2 million AZN regarded entities and structural units of the Ministry of Communications and High Technologies.
According to the ministry's Board meeting on the results of the first three quarters, so the amount of investment exceeded last year's index 2.2 times.
Total revenues of the ICT sector by October 1 amounted to 1 billion 280.9 million manats (+ 9.6% compared with the same period last year) with weight of 2.1% in the total GDP and 3% in the non-oil sector. At the same time 80.1% of the revenue was received in the segment of private businesses, mostly mobile telecom operators. --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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