The 4th meeting of the Italian-Azerbaijani Intergovernmental Commission on Economic Cooperation was held in Rome on June 13.
The Minister of Economic Development of Italy Paolo Gentiloni in his speech said that the Trans-Adriatic gas pipeline project is of strategic importance for Italy and the beginning of the gas supplies is to be commissioned in 2020.
According to him, last year the mutual trade turnover amounted to 5 billion Euro and continues to grow.
Gentiloni noted that economic cooperation should not be limited to the energy sector. There are opportunities for cooperation in various fields.
The Minister also said that Italy supported Germany's efforts as OSCE chairman to settle the Armenian-Azerbaijani conflict. In the case of the election of Italy the Chairman of OSCE in 2018, it will make every effort to resolve the conflict, he added. -02D-
Economics
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Azerbaijan's Minister of Ecology and Natural Resources, Mukhtar Babayev, met with Fatih Birol, Executive Director of the International Energy Agency, during the World Economic Forum in Davos. The two discussed strategies for attracting investment in the transition to green energy and implementing agreements reached at the COP29 conference held in Baku.
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Azerbaijan’s Central Bank has outlined its commitment to maintaining inflation within its target range, as it projects stable inflation expectations for the coming years. According to a recent statement from the Central Bank regarding the parameters of its interest rate corridor, the current monetary policy is focused on keeping inflation within the target range and stabilizing inflation expectations.
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Azerbaijan’s central bank has reported a stable currency market as its foreign exchange reserves reached $11 billion by the end of 2024, according to Taleh Kazımov, Chairman of the Central Bank of Azerbaijan (CBA). Speaking at a briefing on the parameters of the central bank’s interest rate corridor on Wednesday, Kazımov also indicated that the country's favorable external sector indicators have provided a solid foundation for currency stability.
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Russia and Iran have agreed on a gas pipeline route passing through Azerbaijan, according to Russia’s Energy Minister Sergey Tsivilyov. The Russian minister stated that the parties are in the final stage of negotiations, and the volumes have already been determined. According to Tsivilyov, Iran’s agreement with Russia’s Gazprom for gas supply via Azerbaijan is currently estimated at over 2 billion cubic meters annually. However, future supplies could increase to 55 billion cubic meters per year.
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