
Azerbaijan Seeks Access to Eurasian Union
The day before in Baku on the initiative of the Eurasian Association of Poultry Farmers a themed international forum was held. The purpose of the event was the expansion of export opportunities of Azerbaijan in Russia and other countries of the Eurasian Union.
According to the President of the Confederation of Entrepreneurs of Azerbaijan, Mammad Musayev, the domestic market is saturated with poultry at 98%, and with eggs - at 100%. Poultry farms have 10.2 million birds, each of which accounts for 106 eggs per year on average. According to the Chairman of the Poultry Farmers Society Aydin Veliyev, the country's annual production is 100,000 tons of poultry meat and 1.5 billion eggs.
According to the President of the Eurasian Association of Poultry Farmers Sergei Shabayev, cooperation with official Baku has great potential in this area, because the relevant agreement is on the agenda.
Recall, the Ministry of Agriculture of Russia after the imposition of sanctions for poultry meat from the United States, Canada, Australia and the European Union to regulate imports from these countries, decided to make Azerbaijan a supplier of vegetables, leaving meat, including poultry, mainly to Brazil and Belarus. The Azerbaijani Ambassador to Russia Polad Bulbuloglu has already talked about the potential for export of poultry meat from Azerbaijan to Russia, but required guarantees for sales of perishable products, which the Russian government has not yet provided. --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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