Signalers from Azerbaijan will Develop Relations with Egyptian Counterparts
Azerbaijan and Egypt intend to expand ties in the field of ICT.
Yesterday the Minister of Communications and Information Technologies Ali Abbasov meeting with the Egyptian Ambassador completing his diplomatic mission in Azerbaijan, Sabir Abdulgadir Mansur discussed a number of issues.
In the autumn there will be presentations of the Kulturama project, the exhibition BakuTel (6-9 November), arrival in Baku of the Director of Iskenderiye Library, Ismail Seragyaldi and several issues will be solved in the framework of the Memorandum of Understanding signed between the Ministries of the two countries in 2005.
In Egypt, the new Minister of Communications is ready to participate in an international forum to discuss issues of Internet Governance (IGF-Internet Governance Forum) - IGF-2012, to be held in Baku on the initiative of the UN.
Minister Ali Abbasov said that the forum will be attended by about three thousand experts and officials from around the world. - 17D-
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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