Azerbaijan traded with 172 countries in January-August 2024

Azerbaijan processed 5 million tons of crude oil in the first three quarters of 2024, a 2% increase compared to the same period last year, when 4.9 million tons were processed, according to data published by the Ministry of Finance. Of this total, around 1.3 million tons were imported oil, primarily from Russia, Turkmenistan, and Kazakhstan.

Azerbaijan’s oil and gas sector continues to ensure stable employment: according to the State Statistics Committee, 31.7 thousand people were employed in the industry during the first nine months of 2024. The sector remains a crucial pillar of the national economy, offering some of the highest salaries in the country, although differences in pay between state-owned and private enterprises are noticeable.

In a move to accelerate technological advancements in telecommunications, the Azerbaijani Investment Holding (AIH) and China’s FiberHome Telecommunication Technologies Co., Ltd. signed a Memorandum of Understanding (MoU) in Baku on October 15. The agreement is aimed at fostering closer collaboration in telecommunications technology, marking a significant step in Azerbaijan’s ambitions to expand its digital infrastructure and introduce cutting-edge business practices.

Azerbaijan and Iran are actively discussing the construction of a strategic railway line that will connect the East Zangezur Economic Region with the Nakhchivan Autonomous Republic, according to Rovshan Rustamov, Chairman of Azerbaijan Railways CJSC. Rustamov disclosed the details of these talks during his recent visit to Iran, where he met with Jabbar Ali Zakeri Sardrodi, head of the Iranian Railway Administration.