Number of Business Entities in Azerbaijan Increased by 7%
In 2016 8,012 commercial and non-profit legal persons were created in Azerbaijan, which is 27.8% more compared to 2015. As of January 1 this year there were 107,358 legal entities in Azerbaijan, which is 7% higher than a year earlier, the State Statistics Committee said.
During the year, 200 state-owned enterprises were established (in 2015 - 255), as well as 536 companies with 100% foreign capital (412) and 135 joint ventures (115).
Last year, Azerbaijan abolished 979 legal entities, 475 more than in the previous year. Liquidated were 133 state organizations and enterprises, 82 enterprises with 100% foreign capital and 11 companies with mixed capital.
As of 1 January 2017 Azerbaijan registered 92,128 businesses. ---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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