Azerbaijan - Portugal, "the game with only one goal"
Azerbaijan could help Portugal to overcome the financial crisis. For this we need the government to provide credit and invest in state funds Iberian Caucasian entrepreneurs.
This was on Thursday business forum organized by the Local Fund Export and Investment Promotion (Azpromo), said Minister of Foreign Affairs of Portugal, Paulo Portash. In the event attended by about 20 Portuguese companies from such sectors as construction, ICT, food processing, chemicals, pharmaceuticals, equipment, etc.
The participants talked about the great potential of mutual trade turnover. However, the State Statistics Committee of AR suggests that the results of last year, bilateral trade turnover of goods between the two countries totaled $ 327.45 million, of which the share of exports (hydrocarbons) accounted for 322.26 million. During the first four months of this year the total of $ 175.28 million included $174.98 million for export of local natural resources.
Now, local economists and entrepreneurs will think over what direction the Portuguese economy, you can declare attractive to business and investment. By the way, the Minister of Foreign Affairs Portash suggested some directions. According to him, appealing to the western part of the Pyrenees are primarily energy, infrastructure and agriculture. - 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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