The Enterprise & Market Economy Development Support Foundation"s President, Sabit Baghirov, said the Azerbaijani government is very proud of the current oil boom and not very interested in the European integration. Therefore the government could hardly predict the post-oil-boom situation in Azerbaijan scientifically. The global oil resources totaled 1,363 billion barrels as of January 1, 2010. This included only 7 billion barrels in Azerbaijan. Azerbaijan also has 2 trillion m3 of proved natural gas resources.
The expert said the electricity consumption would grow by 50% by 2035. Most of the fuel used in this production will represent coal, furnace oil and natural gas. The International Energy Agency has predicted that the oil production will increase from 86 million to 111 million BPD by that time. He said that however the `oil paradise` is not forever; therefore creation of a plant to treat domestic wastes and a small electric power station is only a tiny step towards meeting Azerbaijan"s energy demands.
Experts believe Azerbaijan has enough alternative energy resources. E.g. the rivers provide 40 billion kilowatts/hour conditionally. As Azerbaijan is a country of winds, it can presumably produce 800 megawatts of electricity. Combustible industrial and domestic wastes and solar energy could be used efficiently too.
The experts believe the measures should not be just limited to creation of an alternative energy agency. A national program should be elaborated, including the appropriate laws, activities, international experience, staff training, privatization of electric power stations, etc. --17D--
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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