Azerbaijan at 65th Place in Ranking Doing-Business - 2017
Azerbaijan is located at the 65th place among 190 countries in the ranking of Doing-Business - 2017: Equal Opportunities for All.
The ranking was prepared by the World Bank and the International Finance Corporation. The ranking took into account the use of the electronic system of declarations of imports and exports on international trade, the simplification of tax duties on vehicles, and creation of a database saving time when connecting to the electronic networks for supplies.
In addition, Azerbaijan has entered the top five on the simplification of registration starting business activity. --71D
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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