In the fall Baku is to host Azerbaijani-American Business Forum.
According to the head of the Azerbaijan Fund Export and Investment Promotion (Azpromo) Rufat Mammadov during the presentation of the "Instructions for exporters," the U.S. has a sufficient number of companies that promote business, and one of the top business lobbyists will partner with the planned event.
Azerbaijan is interested in cooperation with American entrepreneurs, especially in industries with high investment potential, including agriculture, food and light industry, renewable energy, tourism, etc.
"Our mutual interest until 12 industries, but this list will be expanded in the future. In addition, the upcoming forum is interesting and with a view to extending the export of Azerbaijani goods to the United States with a priority of the non-oil sector," he stressed. - 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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