The Azerbaijani-Czech Business Forum
A business forum which, according to the Fund of Azerbaijan Export and Investment Promotion, will bring together representatives of about 40 Czech companies, will be held during the visit of the Minister of Industry and Trade of the Czech Republic, Jan Mládek in Baku Business Center on March 3.
According to the State Customs Committee, in 2014 the trade turnover between Azerbaijan and the Czech Republic increased by 2.1 times, and amounted to $638 million, however, imports from the Czech Republic ($46 million) reduced by two times. We import hatching eggs, hops. pharmaceuticals, steel, air conditioning, refrigeration equipment, digital electronic equipment, motor vehicles, sodium cyanide, detergents, etc. goods. Azerbaijan's exports consists essentially of dig the oil, the volume of which last year increased by $ 376 million.
In 2014, investments of the Czech Republic in Azerbaijan amounted to 132.5 million manats, which is 2.7% of foreign investments. 08B
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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