Global Cyber Security for Azerbaijan
The Azerbaijani Government through the Foreign Ministry and the Secretariat of the International Telecommunication Union (International Telecommunication Union - ITU) has signed a joint convention of cyber security.
According to the official Telecommunications Union, the issue was discussed and the intention was confirmed in the last year's visit to Azerbaijan of ITU Secretary-General Hamadoun Toure. The implementation of the project is connected with the Azerbaijani Embassy in Switzerland.
It is noted that the current practice of humankind moving to telecommunications is due to the problem of crime and terrorism in the segment of cybernetics that is becoming increasingly important. Today, all the developed countries are thinking of collective action to shield against global risk, which need to ensure the protection of personal data.
According to UN statistics, every year more than 1.5 million people are victims of identity theft over the Internet. Economic losses from such criminal activities are estimated at $ 1 billion. - 17D-
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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