At the request of the Ministry of Agriculture of the State of "Aqrolizinq" bought 183 cotton harvesters in the United States and Belarus. Agricultural equipment is already supplied to the base of the company in the country. This year, the seeding area under cotton in Azerbaijan almost has doubled, and is expected to harvest from 51 thousand hectares.
Mass cotton harvest will begin in September. By the time all the equipment will go into the country. The Ministry of Agriculture told Turan was, that for the cotton harvest in the short term and lossless harvesting cotton by hand will be reduced to a minimum. This year, the Ministry of Agriculture forecasts a collection of about 100 thousand tons of raw cotton. 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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