In Baku, started the Azerbaijani-Russian business forum. Speaking at the opening ceremony, the head of the Azerbaijani Fund for Export and Investment Promotion (AZPROMO) Rufat Mammadov said that of the $ 1.8 billion of Russian investments in Azerbaijan's economy almost 90% ($ 1.6 billion) is in the oil and gas sector.
"The remaining $ 200 million is investments in the non-oil sector, and now we are actively working to diversify our economic relations, which is a priority for both sides. Russia has extensive experience in economic diversification, Azerbaijan is also on the way. In recent years, the growth of the non-oil sector in the bilateral relations was 9-10%," he said. --17D-
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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