Japan Interested in Improving Investment Climate in Azerbaijan
The Ambassador of Japan to Azerbaijan Tsuguo Takahashi at a meeting with the delegation of Caspian Energy International Media Group outlined the priorities of bilateral cooperation in the field of non-oil economy.
According to him, in view of the construction of a plant to assemble Isuzu trucks, other Japanese investors are also eyeing the pace of improvement of the investment climate in Baku and beyond. "Official Tokyo has invested soft loans in the construction of thermal power plants, so the sixth part of the local electricity is produced with the support of the Japanese government," said Takahashi, recalling that his country is totally dependent on imports.
The Ambassador recalled that Japan buys 8% of its oil from Russia, and the rest - in the Middle East, so they are interested in the development of the Caspian oil, and added the wish of the imminent visit of a high-ranking delegation from Tokyo to Baku. --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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