Baku Hosts International Rail Business Forum
An international rail business forum Strategic Partnership 1520: The Caspian Region is held in Baku.
Speaking at the forum, the Deputy Prime Minister Abid Sharifov said that so far the government has invested $ 25 billion in transport infrastructure.
According to the Chairman of CJSC Azerbaijani Railways (ADY) Javid Gurbanov, the construction time of the railway Baku-Tbilisi-Kars has been once again extended until H1 of 2017. On the Turkish section of the construction the work is still underway, and the Georgian section is mounted power supply and signaling system, which means a later date of the commissioning of the facility.
During the forum ADY signed a Memorandum of Understanding with the Ukrainian Railways, JSC Rusagrotrans and JSC TransContainer (both from Russia). In addition, there was signed a memorandum of understanding for strategic cooperation between JSC TransContainer and Corporation Dalian Port (PRC), an agreement on strategic partnership between the Federation of Transport and Logistics Companies Associations of India and JSC Russian Railways Logistics (Russian Federation), as well as a memorandum of cooperation between JSC RZDstroy (Russia) and CJSC Baku Metro. --17D-
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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