Logistics Hub Can Be Created in Alat Port
In the course of the meeting between the Chairman of the Board of CJSC Azerbaijani Railways Javid Gurbanov and the Chief Executive Officer of DHL Company for Eastern Europe Steve Hyuang in Istanbul a memorandum of intent was signed on establishing a regional logistics hub in Azerbaijan.
As the press service of the Azerbaijani Railways said, transit goods coming from China to Azerbaijan will be distributed later to Turkey, Europe and Russia via this hub.
The Azerbaijani Railways did not specify the location of the logistics hub. It might be the Baku International Trade Port built in the Alat settlement, in whose territory it is also planned to create a free economic zone. ---08D
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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