Economics
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In a strategic move to diversify Europe's energy sources and reduce dependence on Russian gas, Ukraine has proposed a new transit scheme involving Azerbaijan as a gas exporter and Slovakia as a key buyer. According to RBC Ukraine, the initiative aims to reroute Azerbaijani gas through Ukrainian territory, offering a viable alternative to the existing Russian supply lines.
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Azerbaijan’s oil and gas sector represented approximately one-third of the nation’s gross domestic product (GDP) during the first nine months of 2024, achieving modest growth of nearly 1% despite a decline in oil production, according to official statistics.
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In a significant push to bolster Azerbaijan’s railroad technology sector, the German-Azerbaijani Chamber of Commerce (AHK Azerbaijan) is hosting a pivotal event titled “Innovations in Railroad Technology in Azerbaijan: Partnerships and Opportunities for German Companies.” The event, scheduled for October 22, 2024, at the Segah Ballroom of the Four Seasons Hotel in Baku, will coincide with a broader five-day business initiation trip from October 21 to 25, aimed at fostering collaborations between German and Azerbaijani businesses in the rail industry.
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A newly established shoe factory in Agdam has started exporting its products to Russia and has set its sights on the lucrative European Union market.
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