Baku hosts Azerbaijani-Czech business forum
Today the Baku Business Center hosted the Azerbaijani-Czech business forum with participation of representatives of companies from Prague, organized in the framework of the visit of the Deputy Minister of Trade and Industry of the country, Jiri Havlicek.
The Fund to Promote Azerbaijan Export and Investment (AZPROMO) told Turan that the forum was attended by representatives of 11 companies from the Czech Republic, working in finance, the environment, construction, forestry, industry, energy, etc.
April is full of current business activity of foreign business circles in Azerbaijan. Yesterday with the assistance of AZPROMO a business forum was held with businessmen, who arrived from Spain. And on the 29th of April it is scheduled to meet with business people from Belgium, which represent areas of business such as consulting, industry, energy, agriculture, etc.
In April Baku has also conducted business forums with businessmen from Russia (Stavropol and the Ulyanovsk region), Montenegro, the Netherlands and Cambodia. - 08D-
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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