The Minister of Communications and Information Technology Mahmoud Vaezi who is currently in Azerbaijan on a working visit met in the Ministry of Communications and the Economy. Vaezi, who visited Azerbaijan last time in April this year, continues the negotiations aimed at the development of bilateral economic ties. In particular, he held talks with the Minister of Economy Shahin Mustafayev on the development of joint projects in energy, customs, agriculture, automotive and pharmaceuticals.
Negotiations on the development of cooperation in the field of information technology and communications were held between Vaezi and the Minister of Communications Ramin Guluzade. As a result of discussions, it was decided to form a working group to prepare proposals for cooperation in the field of IT.
But the main objective of the mission of Vaezi was to study issues related to the forthcoming visit of the President of Iran in Baku to participate in the tripartite meeting of the presidents of Azerbaijan, Iran and Russia, which have come close to completing the construction of transport corridor "North-South". According to preliminary information, the meeting should take place on August 8th.
This time Vaezi will not be able to meet with President Aliyev, who is on vacation, and at the same time he carries out his mission, taking into account the special relation to Aliyev, who awarded him the "Friendship" Order for the high-level brokerage services.
In May Vaezi visited Astrakhan, where he directly discussed the activation of freight along the corridor "North-South" and the involvement of Iranian businesses in the project open economic zone "Lotus".
During the first half of the year the trade turnover between Iran and Azerbaijan has increased by 65.7% to $ 89.7 million.-0-
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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