The State Oil Fund held a regular meeting of the multilateral groups for use in Azerbaijan Transparency Initiative in the Extractive Industries (EITI.) The participants of the meeting approved the work plan of the Group for 2016, and the results of the EITI report for 2014. They also discussed steps to restore full membership of Azerbaijan in the EITI and implementation of the action plan.
EITI is a multilateral international initiative, which brings together governments, companies, investors and civil society institutions. The EITI defines global standards for transparency in oil, gas and mining industries. Azerbaijan joined this process in 2003. However, in April 2015 because of pressure on civil society, including NGOs, involved in the EITI, Azerbaijan's membership in the organization was downgraded from full member to the candidate.
Apparently, the economic crisis because of the collapse in oil prices forced Baku to look for ways to improve the image in the eyes of investors and international financial organizations.-05C06-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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