Azerbaijan will strengthen ICT ties with Belarus
Azerbaijan has expressed interest in the development of relations in the field of ICT with Belarus.
On the eve of Minsk Minister of Communications and Information Technologies of Azerbaijan Ali Abbasov has signed with a colleague Nikolai Panteley a number of documents on bilateral cooperation between the two countries in the field of ICT, discussed the prospects of further cooperation.
As part of the industry delegation to participate in the XX International Specialized Exhibition and Congress on Telecommunications, Information and Banking Technologies TIBO-2013 being held these days in Minsk (Belarus) has about 60 representatives of local government, private and non-governmental organizations.
For a strong friendship with Belarusian partners Ali Abbasov was awarded a commemorative medal from the organizers of the exhibition. Azerbaijan will be represented by a separate booth, which reflects the achievements of the republic in the field of information and communication technologies. - 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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