Average size of labor pensions in Azerbaijan increased by 11.8%

At the 11th Summit of the Organization of Turkic States (OTS), held in Bishkek, Kyrgyzstan, member states signed a Digital Economy Partnership Agreement (DEPA) to promote cooperation in digital sectors. The Ministry of Economy announced that the agreement, initiated by the Fourth Industrial Revolution Analysis and Coordination Center (4sim) under the ministry, aims to deepen collaboration among OTS member states in areas like e-commerce, regulatory harmonization, customs, and financial technology (Fintech).

High-ranking officials from the central banks of Kyrgyzstan, Azerbaijan, Kazakhstan, Turkey, and Uzbekistan signed a memorandum to establish a Council of Central Banks at the 11th Organization of Turkic States (OTS) summit in Bishkek. The council aims to strengthen collaboration on monetary policy, financial stability, and technology development, according to a statement from OTG Secretary General Kubanychbek Omuraliev.

Azerbaijan’s Ministry of Economy has projected steady economic growth of 3-4% annually through 2026 under the “Socio-Economic Development Strategy for 2022-2026,” a cornerstone of Baku’s renewed push to diversify and modernize the economy. Central to this blueprint is a notable expansion in the non-oil and gas sectors, anticipated to grow at an average rate of 5% each year.

Baku, Azerbaijan – In a high-level conference underscoring Azerbaijan’s commitment to sustainable development, officials unveiled a new digital platform and national standards on Environmental, Social, and Corporate Governance (ESG). Organized by the Commission on Business Environment and International Ratings alongside the Small and Medium Business Development Agency (KOBİA) and supported by the International Bank of Azerbaijan (IBA) and Azercell Telecom, the event gathered key figures from government, business, and international organizations.