Held the second meeting of the Azerbaijani-Serbian intergovernmental commission
Today in Baku was the second meeting of the Azerbaijani-Serbian intergovernmental commission, which discussed a wide range of trade and economic relations between the two countries.
Co-Chairman of the Azerbaijani side, Minister of Economic Development Shahin Mustafayev said Azerbaijan attaches great importance to the expansion of trade relations with Serbia. The increase by 15 times of the trade between the countries in January-September 2012 shows tremendous potential. The Minister noted that public and private entities of the two countries can develop links in the construction of infrastructure, agriculture, health, education, ICT, energy, environmental protection, energy, tourism, etc.
Deputy Prime Minister of Serbia Rasim Ljajic said that Serbia is interested in the development of trade and economic relations with Azerbaijan.
Following the meeting, a protocol was signed to discuss a range of issues. - 08D-
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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