Karachi
Scheduled to commence on April 18, the Baku to Karachi route will be serviced twice a week, with flights operating on Thursdays and Sundays, according to the airline's press service. The decision to venture into Karachi aligns with AZAL's vision to capitalize on the success achieved in connecting with Pakistani cities and further bolstering its presence in the region.
AZAL expressed confidence in Karachi's appeal, citing its significance as a historical and cultural hub within Pakistan, thereby rendering it an attractive destination for tourists. The move also underscores AZAL's commitment to enhancing connectivity between Azerbaijan and key global cities, fostering both economic and cultural ties.
Worth noting is the burgeoning interest in Azerbaijan from Pakistani citizens, with 2.6% of foreigners arriving in Azerbaijan in 2023 hailing from Pakistan. This statistic underscores the growing bilateral engagement between the two nations and potentially hints at the anticipated demand for the newly introduced flights to Karachi.
As AZAL embarks on this strategic expansion, it positions itself as a pivotal player in fostering air connectivity, promoting tourism, and strengthening diplomatic and economic bonds between Azerbaijan and Pakistan. The move reflects a calculated strategy to tap into emerging travel trends and capitalize on the latent potential of the burgeoning air travel market in the region.
Economics
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In a significant development for the North-South international transport route, exploration work on the Rasht-Astara railway section, which will connect Azerbaijan and Iran, is scheduled to begin in June 2024. This announcement was made by Dmitry Zverev, the Deputy Minister of Transport of the Russian Federation, during the XV International Economic Forum "Russia – the Islamic World: KazanForum 2024," as reported by TASS.
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Azerbaijan’s once-burgeoning oil revenues are on the decline, posing a significant challenge for the nation’s economy. The State Oil Fund of Azerbaijan (SOFAZ) is projected to receive approximately $5 billion from oil sales this year, a sharp drop from previous years. In 2022, buoyed by high oil prices, revenues surged to about $10 billion. However, last year’s figures dipped to just over $6 billion, and further declines are anticipated due to decreasing production.
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Aliya Asimova, representative of the International Finance Corporation (IFC) in Azerbaijan, outlined the organization's renewed focus on combating climate change during her address at the business forum "Raising Ambitions and Stimulating Activities: Forum Sustainable Business COP29."
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Azerbaijan has unveiled ambitious plans to curb greenhouse gas emissions and propel its economy towards sustainable growth. Minister of Ecology and Natural Resources Mukhtar Babayev delivered this proclamation during the esteemed forum "Growing Ambitions and Incentives for Action: COP-29 Sustainable Business Forum."
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