
Ministry of Economy Opens Email for Appeals
The Ministry of Economy has opened the e-mail address apellyasiya@economy.gov.az, which allows businesses to apply directly to the Appeals Board of the Ministry.
The ministry says that since early February 2016, when the Appeals Board was established, they have received only 22 complaints from entrepreneurs. Only one of them was considered by the Board. The rest of the complaints were considered inappropriate for the Appeal Board and were submitted for consideration to other sections of the Ministry.
The first Appeals Board was established at the Azerbaijan President on February 3, 2016 to improve the delivery mechanism for complaints about actions or omissions of the parent bodies and to consider the appeals of individuals and legal entities engaged in entrepreneurial activity. -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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