Britain wants to increase economic cooperation with Azerbaijan
Trade Envoy of the Prime Minister and the Parliament of Great Britain in Azerbaijan, Kazakhstan and Turkmenistan, Charles Hendry, gave an interview to the British Embassy on the results of two -day talks in Baku .
"Economic cooperation is well developed , today BP is the largest foreign investor in your country, but there are many other areas that we would like to strengthen," said Hendry.
"My task is to come here two or three times a year, and bring British businessmen to sign contracts, and work with the authorities and local entrepreneurs," he said.
When asked about the specific purpose of this visit , Charles Hendry said that the development of the second phase of Shah Deniz opens great opportunities for the participation of foreign companies in Azerbaijan, and British business wants to take part in this. An example of these features is the construction of the White City.
" We spoke about it with the President Aliyev, and I am pleased with the results of the conversation, we will work together," said the envoy.
Asking the question from Turan, in which areas Britain shows interest , Hendry named construction , tourism , telecommunications and information technology , education , banking , etc.
"These issues will be clarified during the meeting with the Prime Minister , and later during the meetings of the two sides," said Hendry.-02В-
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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