Today, Baku Hosts the 14th Azerbaijan-German Business Forum
Today in Baku, at the Hyatt Regency, the 14th Azerbaijan-German business forum started. This time a large business delegation arrived from the German federal state of Rhineland-Pfaltz headed by the head of the Department for External Relations of the Ministry of Land Economy, Environment, Energy and Cartography Julie Coulombe.
In the office of the German-Azerbaijan Economic Union (DAWF) they told Turan the forum was attended by representatives of eight German companies, which are in construction, transport and logistics, furniture industry, agriculture, etc.
The Ministry of Economic Development of Azerbaijan told Turan, that on August 30, the German delegation will visit the city of Ganja, which will host a similar event with the local business community.
Germany occupied seventh place in the geography of Azerbaijan's exports in the first half of 2012 with $ 520 million. During the same period Germany delivered to Azerbaijan goods totaling a declared value of $ 344.6 million, showing 7.7% and occupying the fourth place in the Azerbaijan imports. Azerbaijan delivers mainly crude oil to Germany, while Germany delivers products of automotive and mechanical engineering, power generation, power tools, household appliances, etc. -08B-
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- Economics
- 27 August 2012 14:16
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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"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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