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Russian-Azerbaijani Expert Council Discusses Regional Cooperation and North-South Corridor
The fifth meeting of the Russian-Azerbaijani Expert Council on "Cooperation between Russia and Azerbaijan within Regional Projects and Initiatives" is being held in Baku today. Hikmet Hajiyev, Assistant to the President of Azerbaijan, emphasized the expanding interregional cooperation between the two countries, highlighting the robust network of relationships between Azerbaijan and over 70 regions of the Russian Federation. More than ten agreements on trade, economic, scientific, technical, and cultural ties are currently being implemented with Azerbaijani partners of Russian regions.
Hajiyev attributed the successful expansion of these ties to the strong relationship between President Ilham Aliyev and President Vladimir Putin, built on personal trust and a high level of mutual understanding. This foundation has facilitated numerous collaborative projects and initiatives, fostering closer ties between the two nations.
A significant portion of the meeting was dedicated to the North-South Corridor project, which Mikhail Kalugin, Deputy Director of the Fourth CIS Department of the Russian Foreign Ministry, described as a flagship initiative for the entire region. Kalugin noted that while the corridor has been under development for several decades, it has seen a surge in progress over the last two years. This includes the creation of a powerful western branch of the corridor that runs through Azerbaijan from Russia to Iran.
Kalugin highlighted the active dialogue and cooperation with all parties involved in the project. A comprehensive roadmap has been agreed upon, focusing on the modernization of existing tracks and the construction of new ones, which are crucial for the corridor's successful implementation.
Russian Ambassador to Azerbaijan, Mikhail Evdokimov, underscored the political importance of establishing peace in the region and the non-interference of extra-regional forces. Evdokimov reiterated Russia's commitment to peace and progress in the South Caucasus, expressing readiness to assist in normalizing relations between Baku and Yerevan. He emphasized that regional issues should be resolved by the states within the region, without the involvement of foreign forces.
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- Social
- 21 June 2024 13:35
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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