
Baku Hosts Azerbaijani-Russian Business Forum
Baku hosts the Azerbaijani-Russian business forum. The Deputy Minister of Economy of Azerbaijan Niyazi Safarov said at its opening that 600 Russian companies had invested in the local economy about $ 3 billion, and the domestic investment in the neighboring economy exceeded $ 1 billion.
The senior official said that last year the mutual trade turnover amounted to $ 1.9 billion, the bulk of which ($ 1.5 billion) accounted for imports from Russia. By May 1 the countries’ trade in the aggregate amounted to $ 470 million.
According to the Director of the Agency for Strategic Initiatives to Promote New Projects Andrei Nikitin, the mutual interests are, above all, the real sector of economy, energy and humanitarian spheres.
As an interim outcome, four documents on cooperation were signed. Thus, a memorandum was signed between the Azerbaijan Fund for Export and Investment Promotion (Azpromo) and the NGO Business Russia and LLC UK Victoria Estate (the creation of industrial parks in both countries). Again Azpromo signed a memorandum with VTB Bank (Azerbaijan).
JSC Azerbaijan Investment Company, together with the local company Vita-A signed a document on the organization of the production of pharmaceutical products by the Russian R-Pharm in Azerbaijan. --17D-
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- Economics
- 20 June 2016 13:43
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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