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 is set to significantly increase the proportion of electricity generated from renewable sources, currently standing at 14.4%, Deputy Economy Minister Samad Bashirli announced on Thursday at the Think Tanks Forum of the Organization of Economic Cooperation (OIC) held in Baku.
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Azerbaijan has entered into a partnership with Italian energy firm Technip Energies SpA to implement a pyrolysis oil production project aimed at enhancing waste recycling and promoting sustainable development, officials said on Tuesday.
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Belarus and Azerbaijan signed multiple cooperation agreements on Tuesday following talks between Belarusian Prime Minister Roman Golovchenko and Azerbaijani Prime Minister Ali Asadov during Asadov’s official visit to Minsk on October 3.
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Azerbaijan's state borrowings continue to increase, despite the country still benefiting from high global oil prices. The Ministry of Finance of Azerbaijan reported that as of the first half of 2024, the country's state debt amounted to 25 billion manats, which corresponds to 21% of its Gross Domestic Product (GDP).
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