
Business summit EU-Azerbaijan
In four weeks, on 18 May, the 2nd EU-Azerbaijan Business Summit will start in the Azerbaijani capital Baku. Agriculture and food, transport and logistics, as well as tourism development – are the three main topics on the event agenda. The registration is still open. The summit offers a platform for European and Azerbaijani companies to investigate business opportunities and establish business partnerships in Azerbaijan. Ahead of the summit, on 17 May, the European Business Networking Meeting will take place.
EU companies interested in doing business in Azerbaijan, are invited to participate in one or both of the events. The registration for participation in the Business Summit is now open. Please contact Kristina Mammadova at kristina.mammadova@ahk-baku.de and Julia Egel at julia.egel@ahk-baku.de for more information regarding the event.
The event is supported by the EU-funded regional trade facilitation project East-Invest. It supports economic development of the Eastern Partnership region and the improvement of its business environment. East-Invest also facilitates the internationalization process for participating small- and medium-sized enterprises (SMEs) in the EaP countries and the EU. (EU Neighbourhood Info). -0-
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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