Limited to Contract on Cooperation
In the course of the Azerbaijani-Bulgarian business forum four treaties of intent were signed.
The main beneficiaries of the arrangements are government agencies, according to the Ministry of Economy of AR. For example, a memorandum of understanding was signed between the Azerbaijani Fund for Export and Investment Promotion (AZPROMO) and the Bulgarian Agency for the Promotion of Small and Medium Enterprises (BSMEPA). Besides, AZPROMO signed a document with the Bulgarian-Azerbaijani Chamber of Commerce. The Commerce and Industry Chamber of Azerbaijan also signed two cooperation agreements with BSMEPA and a similar to itself organization in Sofia.
Bulgaria is not the richest country in the European Union, and Azerbaijan is also experiencing an economic and financial crisis; so specific agreements on implementation of joint projects have not been reached between the specific business structures.
According to the State Customs Committee, in January-August export of Azerbaijani goods to Bulgaria amounted to $ 166,500, and imports amounted to $ 17.12 million. --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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