In September, Azerbaijan and Kazakhstan to Discuss the Possibility of Growth of Their Economic Ties
The next session of Azerbaijan and Kazakhstan on trade and economic cooperation will be held in Astana on September 12-13.
Speaking to reporters, the Ambassador of Kazakhstan to Baku Serik Primbetov said the session will consider the issues of trade and economic cooperation, transport, health, environment, agriculture, education, tourism and culture.
The diplomat's meeting with local journalists was dedicated to the 20th anniversary of diplomatic relations between the two independent states.
According to the Ambassador, this year another event is also scheduled for the development of the bilateral ties - 19-22 November Baku will host Days of Culture of Kazakhstan. -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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