Report on transparency in extractive industry for 2022 published

Under the leadership of Alhaj Nooruddin Azizi, the Acting Minister of Industry and Trade of Afghanistan, a trilateral meeting was held this week involving key representatives from Uzbekistan and Azerbaijan to strengthen cooperation in the sectors of trade, investment, and transport.

According to new data from the State Border Service, Azerbaijan has seen a significant surge in foreign visitors during the first seven months of 2024. A total of 1.5027 million foreigners and stateless persons arrived in the country from 182 countries, marking a 31.4 percent increase compared to the same period in 2023. The rise underscores the growing appeal of the country as a destination for international tourists and business travelers, supported by favorable travel conditions and economic opportunities.

Azerbaijan's foreign trade operations suffered significantly in the first seven months of 2024: the total trade volume reached $26.89 billion, which is 11.3% less than in the same period last year, according to data published by the State Customs Committee (SCC). The country's exports and imports showed divergent trends, raising concerns about external market conditions and economic strategy.

Azerbaijan has implemented several key projects to create infrastructure for exporting its gas to the European Union, boosting its role as a crucial energy supplier amid growing demand in Europe, economist Gubad Ibadoglu said in an article. The Baku-Tbilisi-Erzurum gas pipeline, launched in early 2007, was one of the first steps. This pipeline, with an annual capacity of 8.2 billion cubic meters, is part of the 690-kilometer South Caucasus Pipeline (SCP), which facilitates the export of gas from Azerbaijan's Shah Deniz field to Georgia and Turkey.