Presentation of the book "Guide of the Milli Majlis of the Azerbaijan Republic", published by the American Chamber of Commerce took place on Friday at the Hyatt Regency Hotel.
AmCham is a nonprofit organization supporting the business climate in Azerbaijan. The Association was established in 1996, and has 240 members. Business structures entering the Association implemented about 80 percent of foreign investments in Azerbaijan.
The U.S. Ambassador to Azerbaijan, Richard Morningstar, spoke at the ceremony. America is ready to assist the development of the economic climate in Azerbaijan.
"We are interested in the growth of American companies in Azerbaijan," said Morningstar. According to him, Azerbaijan's economy has achieved significant results, but needs further development. America is also ready to assist in the diversification of the economy of Azerbaijan and development of the non-oil sector of the country. America is also interested in the growth of their companies in the energy sector. To date, only one U.S. company is present in the energy sector of Azerbaijan.
Morningstar also expressed a hope for Azerbaijan’s soon joining the WTO.
"I do not know how serious the intent of Azerbaijan is concerning joining the WTO, but we take it seriously. Joining the WTO and the adaptation to the requirements of the WTO will benefit the economy of Azerbaijan," said Morningstar.-03B06-
Economics
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In Baku, grappling with growing environmental challenges, experts and policymakers convened on Friday for an international scientific conference titled “Sustainable Environment: Transition to Green Energy.” The event highlighted the urgent need for innovative strategies to combat pollution and advance renewable energy initiatives.
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Kazakhstan is set to increase its oil transit through the Baku-Tbilisi-Ceyhan (BTC) pipeline by 5.1% in 2024, reflecting growing regional cooperation and diversification in energy routes. According to figures obtained by Turan News Agency, the total volume of Kazakh oil transiting through the BTC pipeline is projected to exceed 1.464 million tons, up from 1.392 million tons in 2023.
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In a groundbreaking development for Azerbaijan’s energy sector, GL Group, a prominent Azerbaijani oil company, has announced plans to drill the country’s first horizontal well on land, reaching a depth of 4,400 meters with a lateral section of approximately 400 meters. The project, a milestone in the region’s oil exploration history, is set to take place at the Kirsangi-Garabaghly onshore fields.
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The Central Bank of Azerbaijan (CBA) forecasts an annual inflation rate of 5.1% by the end of 2024, comfortably within the target range of 4% ± 2%. However, recent data indicate that inflationary pressure has significantly eased over the year: in October, the inflation rate stood at 3.4%, slightly down from 3.5% in September. Official data for November have not yet been released, leaving room for speculation about possible year-end adjustments.
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