Azerbaijan welcomes business in the field of ICT and heavy industry
Doors open to the Azerbaijani Foreign entrepreneurs in the ICT sector. Today, this idea is expressed at the Azerbaijani-Latvian business forum by President Ilham Aliyev.
According to the President, in the highest priority for the economy there will be, along with the oil projects, information and communication technology as well as services, tourism and industry. He placed at the center of economic diversification, and the creation of industrial zones, along with the rules, providing many advantages in heavy industry. In addition, he drew attention to the new export opportunities due to preferential tax treatment.
The President of Latvia Andris Berzins emphasized a partnership in the sphere of high technologies. - 17D-
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review