Investment in Local Economy Grew at Expense of the British and Norwegians
Against the backdrop of the financial losses from falling stock prices of oil in January almost doubled (+ 95.6%) the volume of foreign investments, including foreign companies and international financial institutions. According to the State Statistics Committee, last month, the local economy received a recharge in the amount of 423 million 318.4 thousand manat.
The usual leaders were the British, as their business investments in January were 146 million 227.2 thousand manat (34.5% of all investments with growth of 94.7%). 5.6 times growth was observed at investors from Norway (82 million 105.8 thousand manat), and in the third place were the Turks - their investment in the local economy was 33 million 213.1 thousand manat (+67.7%).
The leader among international financial institutions is the World Bank (27 million 836.2 thousand manat or +43.16% compared to January of last year), while Asian Development Bank invested 6 million 449.3 thousand manat (minus 61.8 %). --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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