Azerbaijani delegation to attend forum in Davos
Yesterday the Azerbaijani delegation led by President Ilham Aliyev arrived in Switzerland.
The official web site of Azerbaijani President reported that President will take part at the annual World Economic Forum, which will take place in Davos from January 22 to 25, 2014.
The delegation is also comprised of Rovnag Abdullayev, President of State Oil Company of Azerbaijan (SOCAR), and Elshad Nasirov, SOCAR Vice President for Marketing and Investments.—0—
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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