Investments, mainly governmental ones, invested in the ICT sector, information and mail in Azerbaijan in 2012, amounted to 325.3 million manat. The sector of sales amounted to 1 billion 503.4 million manat, an increase of 17.3% compared to last year.
The Ministry of Communications and Information Technology, for 9 years (2004-12 years) invested about 2 billion manat. At the same time, the volume of services and manufactured goods amounted to 8 billion 385.1 mln.
The pace of growth of the ICT sector for the year 2012 compared to 2011 was 16.6%, of information - by 50.1%, of post services - almost by 18.2%. - 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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