Three Contracts Concluded for Purchase of Drugs and Tools for Patients with Thalassemia

Azerbaijan's foreign trade turnover in 2024 reflects a complex interplay of challenges and opportunities, marked by declining exports, growing reliance on imports, and an urgent call for economic diversification. As global energy markets shift, Azerbaijan's economy faces the need to adapt to new realities while mitigating the effects of declining oil and gas revenues.

The labor market in Azerbaijan in 2024 presents a mixed picture: a slight decrease in the unemployment rate alongside growing challenges in addressing youth employment issues. Despite significant progress in formalizing employment and creating jobs, the mismatch between labor force growth and job availability remains a pressing issue.

SOCAR Turkey, the largest foreign investor in Turkey, held a press conference in Istanbul to review its 2024 operational results. The event, attended by Azerbaijani media representatives, featured insights from SOCAR Turkey CEO Elchin Ibadov and Refining and Petrochemical Business Unit Head Kenan Mirzayev.

Azerbaijan’s energy sector remains the backbone of its economy, contributing nearly half of government revenues, buoyed by elevated oil prices. Despite a gradual decline in oil production, the rate of decrease has slowed, reflecting a stabilized approach to managing the country’s hydrocarbon resources.