Baku Hosts Seminar on Operations and Management in Seaports
Baku hosts a seminar on seaports operations and management.
According to EU Ambassador Malena Mard, since 2006 the EU has implemented 213 projects in Azerbaijan on the TAIEX program (in the fields of transport, food security and energy). In general, in the neighboring countries EU has realized more than 3 thousand projects.
The Ambassador said Azerbaijan due to its geographical features has great potential to become a center for transport and logistics throughout Eurasia - between the North and the South and the East and the West.
According to the Director of the Baku International Sea Port Taleh Ziyadov, from this point of view it is important to step up cooperation with the world's major ports and to learn from the experience of Singapore, Dubai and Rotterdam. The parties also signed a memorandum with the port of Antwerp.
Recall the construction of a new international sea port at the estimated cost of 870 million AZN started in the Alat settlement in November 2010. The government recommended establishment of a free trade zone on almost a third of the territory of 400 hectares (115 hectares).
After completion of the first phase in 2017, the port, according to the project, will take about 10 million tons of cargo and 50,000 containers per year. Upon completion of all the works the capacity of cargo handling will increase to 25 million tons and 1 million containers. --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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