Azerbaijan and France to expand cooperation in the field of ICT
The Ministry of Industry of France intends to assist Azerbaijan with the launch of low-orbit satellites, and even with the development of the local aerospace industry.
As noted at the meeting of the Minister of Communications and Information Technologies Ali Abbasov with French Ambassador to Azerbaijan Pascal Monnier, for this will be amended in the "Agreement on Cooperation in the field of innovation," signed two years ago. Amendments will be made next year, said in a statement the Ministry of Communications.
Abbasov and Monier also discussed the issue of the second French-Azerbaijani ICT Forum.
According to the minister, the launch in February 2013 of the first telecommunications satellite of Azerbaijan (Azerspace) with missiles - French media company "Ariane Space" from the spaceport at Kourou island in Guiana (South America), will provide the basis for new areas of cooperation. - 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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