AZPROMO Representative Office to Operate in Italy
The Foundation for Export and Investment Promotion in Azerbaijan (AZPROMO) established a representative office in Italy, whose head is Tural Rustam Oglu Mammadov.
Mamedov is involved in private business (IT, food industry, etc.) in one of the cities of Italy.
The function of representation includes networking with Italian companies, finding opportunities to export Azerbaijani products to Italy, as well as attracting the leading investment funds to Azerbaijan's economy.
AZPROMO representative offices operate in Kazakhstan, Georgia, Germany, Austria and China. Previously established, but thereafter ceased operations offices in the USA, the UAE and the UK.
Today Baku Business Center hosted a business forum attended by about 140 representatives of companies from different sectors of the economy. -----08D
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- Economics
- 23 February 2017 14:59
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- Actual report
- 23 February 2017 15:44
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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