Baku to Host Business Forum with Participation of Businessmen from United Arab Emirates
Next week a new business mission from the United Arab Emirates will arrive in Baku. They are interested in establishing cooperation with their Azerbaijani counterparts.
According to the Foundation for Export and Investment Promotion in Azerbaijan (AZPROMO), on October 20 the Fairmont Baku will hold a business forum with the participation of over 20 companies from the United Arab Emirates. Arab companies are involved in perfumes, pharmaceuticals, packaging, logistics, tourism, food industry, agriculture, construction, fire safety systems, etc.
According to the State Customs Committee, the first eight months of this year the trade turnover between Azerbaijan and the UAE amounted to 55.6 million US dollars, which is 35.2% more than in the comparable period of 2015. Imports from the United Arab Emirates ($ 48.2 million) exceed the export of Azerbaijani goods ($ 7.4 million) 6.5 times. ----08B
Economics
-
Azerbaijan's Consumer Price Index (CPI) in December 2024 marked a year-on-year increase of 4.9%, with food and beverage inflation leading the surge, according to data from the State Statistics Committee. The overall CPI stood at 104.9%, driven by a 5.5% rise in food products, beverages, and tobacco, 2.4% in non-food products, and a sharp 6.3% hike in paid services provided to the population.
-
In 2024, Azerbaijan produced 29.1 million tonnes of oil together with condensate, down from 30.2 million tonnes in 2023, according to preliminary information published by the country’s Ministry of Energy.
-
Azerbaijan’s inflation rate in 2024 remained relatively stable, averaging 2.2% for the year, according to data from the State Statistics Committee. While this marks a period of subdued price growth compared to global trends, the numbers reveal nuanced dynamics across sectors and reflect both domestic policy measures and external influences.
-
Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
Rəy yaz