Japanese Corporation Announces Closing Baku Office

BAKU, Aug 21 (Reuters) - Azerbaijan’s State Service for Property Issues reported a significant rise in privatization revenues and real estate lease payments to the state budget in the first seven months of 2024, amounting to AZN 122.8 million.

The outcomes of Russian President Vladimir Putin’s state visit to Baku on August 19 are under close scrutiny, particularly amid leaked information from Russian sources about several contentious issues. Baku has yet to officially comment on the details.

Azerbaijan's food imports rose by 9.0% in the first seven months of 2024, compared to the same period last year, underscoring growing dependency on foreign food supplies. Data from the State Customs Committee revealed that food imports reached $1.342 billion in January-July 2024, a $111 million increase over the previous year. This marks a significant 56.8% rise in food imports over the last five years and a doubling over the past decade.

The Government of Azerbaijan has recently steered its foreign policy towards the East, marked by the adoption of the "Joint Declaration on the Establishment of Strategic Partnership between the Republic of Azerbaijan and the People's Republic of China." This shift reflects a broader strategy to seek membership in BRICS and a dialogue partnership with the Shanghai Cooperation Organization (SCO), while aiming for observer status in the latter.