Industrial Production Increased by 2.2%

Azerbaijan’s once-burgeoning oil revenues are on the decline, posing a significant challenge for the nation’s economy. The State Oil Fund of Azerbaijan (SOFAZ) is projected to receive approximately $5 billion from oil sales this year, a sharp drop from previous years. In 2022, buoyed by high oil prices, revenues surged to about $10 billion. However, last year’s figures dipped to just over $6 billion, and further declines are anticipated due to decreasing production.

Aliya Asimova, representative of the International Finance Corporation (IFC) in Azerbaijan, outlined the organization's renewed focus on combating climate change during her address at the business forum "Raising Ambitions and Stimulating Activities: Forum Sustainable Business COP29."

Azerbaijan has unveiled ambitious plans to curb greenhouse gas emissions and propel its economy towards sustainable growth. Minister of Ecology and Natural Resources Mukhtar Babayev delivered this proclamation during the esteemed forum "Growing Ambitions and Incentives for Action: COP-29 Sustainable Business Forum."

The Huawei Tech Carnival and Partner Summit 2024 commenced with a resounding declaration of Huawei's commitment to driving industrial intelligence, as the launch of the Xinghe Network for the Middle East and Central Asia region took center stage in Baku.