Baku/27.09.17/Turan: Azerbaijan has improved its position in the ranking of competitive countries for the year, rising from 37th to 35th place, according to the Global Competitiveness Index 2017-2018, prepared by the World Economic Forum (WEF).
This result was obtained on the basis of analysis of the economies of 137 countries by the WEF expert in three main categories - basic requirements, efficiency enhancers, innovative factors. The categories included 12 spheres (public institutions, infrastructure, macroeconomic environment, healthcare and primary education, higher education and vocational training, goods and services market, labor market, financial market sophistication, technological level, market size, companies competitiveness, innovations).
Azerbaijan is ahead of Russia (38th place), and its regional neighbors: Turkey ranks 53rd, Iran 69th, Georgia 67th, Armenia 73rd.
The best indicators were achieved in the areas of: labor market efficiency, institutionalization, innovative factors, business sophistication, commodity market efficiency.
The worst results: the macroeconomic environment, health and primary education, the development of the financial market, higher education and training, the size of the market. -0-
Economics
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The Baku International Sea Trade Port, a critical link in the Middle Corridor connecting East and West, handled 7.6 million tons of cargo in 2024, marking a 3.2% increase from the previous year. This growth underscores the port's expanding role in global trade and its significance as a transit hub for countries such as China, Turkey, Georgia, Iran, and Russia.
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Azerbaijan’s state oil company SOCAR has acquired a 3% stake in the offshore SARB and Umm Lulu concession in the United Arab Emirates (UAE) from Abu Dhabi National Oil Company (ADNOC) for $285 million, marking a significant step in deepening energy ties between the two nations. The transaction, completed in May 2024, was completed in January 2025.
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The Baku Small and Medium Business (SME) House and the Miniboss Business School have signed a memorandum of understanding aimed at developing entrepreneurial skills among children, the Small and Medium Business Development Agency (KOBIA) reported on Monday.
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