In Baku, Azerbaijan business forum will take place - North Rhine-Westphalia
The First Economic Forum Azerbaijan - North Rhine-Westphalia, where representatives of business circles of Azerbaijan and Germany to discuss the possibility of expanding economic ties, will be held in Baku July 2.
Forum organized by the NRW International and the Chamber of Commerce in Dortmund with financial support from the Ministry of Economy, Energy, Construction and Transport Province of North Rhine-Westphalia, Germany. Turan was told by the German-Azerbaijani economic union (DAWF).
The forum will be presented to companies operating in the fields of nanotechnology, engineering, agricultural machinery, chemical industry and construction. ---08D-
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- 27 June 2012 15:46
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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