Azerbaijan's Economy Shows Resilience with 5% Growth in Early 2024

During the virtual conference "COP29 Action Program: Energy Initiatives and Commitments" on November 4, UNIDO (United Nations Industrial Development Organization) expert Smeeta Fokeer highlighted the importance of adopting international commitments on hydrogen and tripling renewable energy capacities by 2030 at COP29 in Baku.

On November 4, a virtual conference titled "COP29 Action Program: Energy Initiatives and Commitments" was held at the initiative of Azerbaijan's Ministry of Energy, the International Renewable Energy Agency (IRENA), the International Energy Agency (IEA), and specialized UN agencies—UNIDO (United Nations Industrial Development Organization) and UNECE (United Nations Economic Commission for Europe)—ahead of COP29. During the conference, Azerbaijan's Deputy Minister of Energy Orkhan Zeynalov announced three energy initiatives-declarations proposed by Azerbaijan as the COP29 chair for signing next week in Baku at the UN Climate Summit.

Azerbaijan's Cabinet of Ministers has issued a decision to amend various resolutions following the May 1, 2023 Presidential Decree No. 2130, which approved the charter for the Medical Territorial Units Management Association (TƏBIB). The amendments aim to implement structural changes across multiple government regulations to reflect the shift of responsibilities to TƏBIB from other healthcare entities.

Baku's trade and service sectors showed robust growth during the January to September period this year, underscoring the capital's resilience amid broader economic shifts. Trade turnover surged by 4.9% year-on-year, reaching a substantial 24.95 billion manat, according to the latest official data. This expansion reflects both a modest boost in consumer spending and the city's ongoing role as a commercial hub.